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Sep 30, 2025
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CureVac Q3 2025 Earnings Report
CureVac reported strong Q3 2025 results with profitability driven by one-time income from the U.S. settlement and licensing amendments despite a significant revenue decline.
Key Takeaways
CureVac achieved a net profit of €273.2 million in Q3 2025, mainly due to a €370 million settlement gain and a €50 million license amendment payment. While revenue fell drastically year-over-year without a repeat of last year's GSK payment, strategic cost management and restructuring efforts supported profitability.
Q3 2025 revenue was €54.1 million, significantly lower than €493.9 million in Q3 2024 due to last year's one-time GSK payment.
Net income for the quarter totaled €273.2 million, driven by the U.S. settlement and licensing gains.
EPS for the quarter was €1.21, down from €1.51 in Q3 2024.
Cash and cash equivalents remained strong at €416.1 million, supporting operations into 2028.
Forward Guidance
CureVac expects continued financial stability and operational focus on oncology and mRNA innovation, with the BioNTech merger progressing toward closing.
Positive Outlook
- BioNTech public offer progressing, with clearance from German Federal Cartel Office.
- €370 million gain from U.S. settlement recognized in Q3.
- €50 million received from GSK license amendment in August 2025.
- Restructuring in 2024 continues to lower personnel and operating expenses.
- Cash runway extended into 2028 supported by strong cash position.
Challenges Ahead
- Revenue dropped 89% YoY due to absence of GSK’s €480.4 million upfront payment from 2024.
- Increased R&D costs as manufacturing expenses shifted into development pipeline.
- Ongoing legal and advisory costs tied to BioNTech transaction.
- Exposure to potential EU Commission claims over audit findings of COVID-19 APA.
Historical Earnings Impact
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