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BioNTech SE (BNTX)

Valor Justo
HealthcareBiotechnologyGermany

Fundamental

40

Precio

$98.85

Capitalización Bursátil

$24.93B

Parte 1 · Cuánto vale la empresa

Resumen

BioNTech is a German biotechnology company built on mRNA technology, which it used to develop the Comirnaty COVID-19 vaccine together with Pfizer during the pandemic. Comirnaty and the antiviral Paxlovid, both commercialized through Pfizer under a profit-sharing agreement, still generate most of BioNTech's revenue today. The company is now investing that income into a pipeline of experimental cancer immunotherapies, including a large partnership with Bristol Myers Squibb, none of which is approved or generating meaningful revenue yet.

Cómo genera ingresos

Most revenue comes from BioNTech's share of Comirnaty and Paxlovid economics under its Pfizer collaboration, which moves with global COVID-19 vaccination demand rather than with any sales effort of BioNTech's own, and has been shrinking as pandemic-era demand fades. On top of that, BioNTech recognizes collaboration revenue tied to milestones under its Bristol Myers Squibb oncology partnership, income from a German government pandemic-preparedness manufacturing contract, and smaller service revenues; none of these yet come from a BioNTech-branded oncology product on the market.

Ventaja competitiva

Patentes y licencias · Estrecha

BioNTech's mRNA manufacturing know-how and patent estate, built and proven at unprecedented speed and scale during the pandemic, are real technical assets that a new entrant cannot easily copy. But the moat is narrow because it has not yet translated into a second commercial franchise: today's revenue still depends heavily on a declining, Pfizer-shared product, and the oncology pipeline that is meant to succeed it remains unapproved.

Qué impulsa la demanda

Moderadamente cíclico

Demand for COVID-19 vaccination does not track the economic cycle, but it has been declining structurally as the acute phase of the pandemic recedes and is now closer to a seasonal, government-purchase-driven pattern. The future oncology business, meanwhile, has no revenue history yet and its trajectory will depend on clinical trial results and regulatory approvals rather than on consumer spending patterns.

Riesgos clave

  • Dependence on the Pfizer collaboration — Most revenue still comes from BioNTech's profit-sharing arrangement with Pfizer for Comirnaty and Paxlovid; declining COVID-19 vaccine demand or a change in that partnership would directly reduce the company's main income source.
  • Unproven, capital-intensive oncology pipeline — BioNTech continues to invest heavily in research and late-stage development, including large global trials, for cancer candidates that are not yet approved, so future growth depends on clinical and regulatory outcomes that are inherently uncertain.
  • Reliance on the Bristol Myers Squibb partnership — A meaningful part of BioNTech's near-term oncology revenue and pipeline progress is tied to its collaboration with Bristol Myers Squibb; a change in that partner's commitment or strategy would affect both funding and commercialization plans.
  • Dependence on government contracts — Part of BioNTech's revenue comes from a German government pandemic-preparedness manufacturing contract; non-renewal or a change in government priorities would remove a source of income that is not tied to product sales.

Concentración de clientes

BioNTech does not disclose a single revenue-concentration percentage, but the Pfizer collaboration for Comirnaty and Paxlovid remains by far its largest counterparty relationship and drives the majority of current revenue.

Los argumentos a favor

Buyers argue that BioNTech's mRNA manufacturing platform and cash generated from Comirnaty give it the resources to fund an oncology pipeline few smaller biotechs could afford, that the Bristol Myers Squibb partnership de-risks the path to a second commercial franchise, and that any approved cancer product would let the market re-rate the company beyond its current COVID-vaccine identity.

Los argumentos en contra

Sellers fear that revenue tied to a fading COVID-19 vaccine and shared with Pfizer will keep shrinking faster than the oncology pipeline can replace it, that heavy ongoing R&D spending without an approved cancer product yet weighs on profitability, and that a setback in the Bristol Myers Squibb collaboration or its own trials would remove the main story supporting the stock beyond its pandemic-era product.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users

P/E: —Score: 43Market cap: $76.88B

The other pure-play mRNA company, competing with BioNTech for the same COVID-19 vaccination contracts and, with its individualised cancer vaccine partnered with Merck, for the same oncology indications.

P/E: —Score: 30Market cap: $13.07B

Holds Western rights to ivonescimab, the PD-1xVEGF bispecific that is the direct rival of BioNTech's lead oncology asset pumitamig (BNT327) in first-line lung cancer.

P/E: 116.2Score: 63Market cap: $366.84B

Its checkpoint inhibitor Keytruda is the standard of care that BioNTech's oncology candidates must displace, and Merck is developing its own PD-1xVEGF bispecific and mRNA cancer vaccine.

Akeso, Inc. (康方生物)Not tracked

The Chinese developer and originator of ivonescimab, already approved in China, competing head-on with BioNTech's bispecific antibody for the same solid-tumour patients in Asia.

Novavax, Inc.NVAX

Sells a protein-based COVID-19 vaccine that bids for the same public-health and seasonal vaccination contracts as BioNTech's Comirnaty.

Balance y Liquidez

Ingresos

$2.65B

Últimos 12 meses (hasta 30/6/2026)

Beneficio Neto

$-1.69B

Últimos 12 meses (hasta 30/6/2026)

Flujo de Caja Libre

$-250M

Patrimonio Neto Total

$20.21B

Pasivo Total

$316M

Ratio de Liquidez

7.85

Cobertura de Intereses

-

Deuda/EBITDA

-

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Caso generalValoración Justa

Valor Justo

$117.36

Precio Actual

$98.85

Margen de Seguridad

+15.8%

Rango de Valor Justo

$111.49 - $123.22

Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.

Métodos de Estimación

Precio objetivo de los analistas:$117.36
Flujo de caja descontado (DCF):Datos insuficientes para calcularlo
Múltiplo sobre beneficios (P/E):Datos insuficientes para calcularlo
Fórmula de crecimiento de Graham:Datos insuficientes para calcularlo
Valor de la capacidad de generar beneficios (EPV):Datos insuficientes para calcularlo
P/B justificado:Datos insuficientes para calcularlo
Descuento de dividendos (Gordon):Datos insuficientes para calcularlo
P/FFO, fondos de operaciones:Datos insuficientes para calcularlo
Beneficios de mitad de ciclo:Datos insuficientes para calcularlo
Múltiplo sobre ingresos:$41.21
Consenso de Analistas:Compra Fuerte (21B / 6H / 0S)
Última Sorpresa de Resultados:-51.91%

Métricas de Valoración

Ratio P/E

-

ROE

-9.3%

Ratio P/B

1.23

P/FCF

-

Margen Bruto

76.6%

ROIC

-82.3%

Radar de Rentabilidad

Creación de Valor (Ventaja Competitiva)

ROIC

-82.3%

WACC

11.4%

ROIC − WACC

-93.7 pp

El ROIC está por debajo del coste del capital: la empresa destruye valor por cada dólar invertido.

Criterios de Análisis Fundamental

Superado (7)

  • Price CAGR 16.46%
  • Gross Margin 76.6%
  • P/B Ratio 1.23
  • Debt/Equity ratio
  • Current Ratio
  • Revenue Growth 5Y 42.9%
  • Analyst Consensus 78% Buy

Fallido (7)

  • ROIC -82.3%
  • Positive Free Cash Flow
  • DCF valuation (Unknown)
  • ROE -9.1%
  • Earnings Surprise avg -139.8%
  • Net Margin Trend -39.6% vs -24.2%
  • Piotroski F-Score 2/9

No disponible (13)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • CapEx intensity
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)
  • Share Dilution (missing shares data)

Piotroski F-Score

2/9

Preocupaciones financieras graves

score
criteria

Calidad de los Beneficios

-

Baja calidad: investigue la contabilidad

Dilución de Acciones

-

Recomprando acciones. Favorable para el accionista

Participaciones institucionales

Gobernanza

Equipo Directivo

NombreCargoEdad
Dr. Ugur Sahin M.D.Co-Founder, CEO & Chair of the Management Board60
Dr. Ozlem Tureci M.D.Co-Founder, Chief Medical Officer & Member of Management Board58
Mr. Ramon Zapata-GomezCFO & Member of Management Board51
Dr. Sierk Pötting Ph.D.MD, COO & Member of Management Board52
Dr. James Timothy Patrick Ryan Ph.D.Chief Legal & Business Officer and Member of the Management Board50
Ms. Annemarie HanekampChief Commercial Officer & Member of Management Board45
Ms. Kylie JimenezChief People Officer & Member of Management Board49
Ms. Lisa BirringerSenior Vice President of Global Financial Reporting & Accounting-
Mr. Douglas Maffei Ph.D.Vice President of Strategy & Investor Relations-
Jasmina AlatovicVice President Corporate Communications-

Riesgo de Auditoría

1

Riesgo del Consejo

4

Riesgo de Compensación

7

Riesgo de Derechos del Accionista

1

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

Latest News

Recent headlines for BNTX, sourced from Markets Gazette.

  • 3/11/2026NEGATIVE
    BioNTech Analysts Slash Their Forecasts After Q4 Earnings

    BioNTech SE's Q4 earnings report revealed fiscal year 2026 sales guidance that failed to meet analyst expectations. Despite an initial share price increase of 7.7% on Wednesday, the market's reaction is tempered by the forward-looking guidance. Analysts have issued mixed opinions, reflecting uncertainty about the company's future revenue trajectory. Investors should note that while current results may appear positive, the lowered sales outlook could signal headwinds for future growth and profitability, potentially impacting the stock's long-term performance.

  • 3/10/2026NEGATIVE
    Why BioNTech Stock Is Getting Crushed Today

    BioNTech SE shares are experiencing a significant decline today, with the stock being 'crushed' in the market. The catalyst appears to be a lack of compelling recent, present, or future developments surrounding the company. This sentiment suggests a perceived stagnation in innovation, pipeline progress, or commercial outlook, leading investors to divest. The absence of positive catalysts or forward-looking statements is creating a vacuum filled by negative sentiment, driving down the stock price.

  • 3/10/2026NEUTRAL
    BioNTech: Q4 Earnings Insights

    BioNTech SE's Q4 earnings report is scheduled for release, with analysts anticipating key financial metrics. While specific figures are not yet available, the market will be closely watching revenue from its COVID-19 vaccine sales and any updates on its broader pipeline, particularly in oncology. The company's performance in this quarter will provide insights into its post-pandemic revenue diversification and the progress of its innovative therapeutic candidates. Investors will scrutinize the earnings call for guidance on future R&D investments and commercialization strategies, which will shape the stock's outlook.

via Markets Gazette