Summary by Futu AI
BioNTech reported Q3 2024 revenues of €1.2 billion and net profit of €198.1 million, driven by earlier approvals for variant-adapted COVID-19 vaccines. The company expects full-year 2024 revenues at the low end of its €2.5-3.1 billion guidance range. R&D expenses increased to €550.3 million as BioNTech advanced its oncology pipeline.BioNTech initiated two Phase 2 trials for its bispecific antibody BNT327 in small-cell lung cancer and triple-negative breast cancer. The company also presented encouraging data for multiple oncology candidates at ESMO, including BNT327 and the mRNA cancer vaccine BNT113. A Phase 2 trial evaluating the individualized neoantigen vaccine autogene cevumeran in urothelial cancer is ongoing.BioNTech ended Q3 with €17.8 billion in cash and investments. The company reaffirmed its 2024 R&D expense guidance of €2.4-2.6 billion while reducing projected SG&A expenses to €600-700 million and capital expenditures to €300-400 million. BioNTech continues to focus on advancing its late-stage oncology pipeline towards potential registration.
