CureVac (CVAC) Q3 2025 earnings summary

Executive summary

• Clearance obtained from the German Federal Cartel Office for the planned BioNTech transaction, with the offer period running from October 21 to December 3, 2025.

• Litigation with Pfizer/BioNTech over mRNA COVID-19 vaccines paused pending transaction completion.

• Received EMA clearance for CVHNLC (sqNSCLC) clinical trial; CVGBM (glioblastoma) Phase 1 Part B remains on track.

• Strong cash position of €416.1 million as of September 30, 2025, supporting runway into 2028.

Financial highlights

• Revenues for Q3 2025 were €54.1 million and €56.3 million for the first nine months, down 89% year-over-year due to absence of a €480.4 million one-time GSK license revenue in 2024.

• Operating profit for Q3 2025 was €310.2 million and €193.7 million for the first nine months, both lower than prior year due to reduced one-time effects.

• Net profit for Q3 2025 was €273.2 million and €161.6 million for the first nine months, compared to €338.0 million and €194.9 million in 2024.

• Basic and diluted EPS for Q3 2025 were €1.21; for the first nine months, €0.72 (basic) and €0.71 (diluted).

Outlook and guidance

• Cash runway reaffirmed into 2028, supported by cost-saving measures and strategic restructuring.

• Oncology pipeline progressing, with key milestones on track for CVGBM and CVHNLC programs.