BioNTech SE ADR

BNTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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BioNTech Earnings: 2025 Guidance Disappoints, Fair Value Lowered

Jay Lee

Mar 11, 2025

BioNTech’s fourth-quarter results were in line with our expectations, but guidance for 2025 was below our expectations due to lower Comirnaty revenue. Additionally, the company narrowed its focus to adjuvant settings for its iNeST program (individualized cancer vaccines), after its Phase 2 trial in metastatic melanoma failed to demonstrate statistically significant improvement in overall survival. Although not entirely surprising, we remove sales of cancer vaccines for metastatic settings from our model. As a result of these adjustments, we lower our fair value to $126 per ADR from $143.

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BioNTech SE ADR

BioNTech Earnings: 2025 Guidance Disappoints, Fair Value Lowered

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