BioNTech vs Moderna: Revenue, Profit and Business Model
BioNTech reported ~$3.2B of revenue in FY2025 and a net loss of ~$1.3B. Moderna reported $1.9B of revenue in FY2025 and a net loss of $2.8B.
Latest financial snapshot
Financial summary
BioNTech
BioNTech went from a ~$202 million (€179.1 million) net loss in 2019 to ~$11.6 billion (€10.29 billion) of net profit on ~$21.4 billion (€18.98 billion) of revenue in 2021, almost all from Comirnaty. Revenue then fell to ~$19.6 billion (€17.31 billion) in 2022, ~$4.32 billion (€3.82 billion) in 2023 and ~$3.11 billion (€2.75 billion) in 2024, when it posted a ~$752 million (€665.3 million) net loss. FY2025 revenue rose 4.3% to ~$3.24 billion (€2.87 billion) only because BMS collaboration revenue was booked in Q3, while the net loss widened to ~$1.29 billion (€1.14 billion) on ~$2.37 billion (€2.10 billion) of R&D and legal settlement costs. In 2026 the decline resumed: H1 revenue fell to ~$253 million (€223.7 million), the H1 net loss reached ~$1.53 billion (€1.35 billion), and full-year revenue guidance was cut to €1.6-1.9 billion. The cushion is ~$18.8 billion (€16.6 billion) of cash and securities at June 30, 2026, which also funds a $1.0 billion ADS buyback launched in May 2026.
Moderna
Moderna went from $803 million of revenue in 2020 to $18.5 billion in 2021 and $19.3 billion in 2022, earning $12.2 billion and $8.4 billion of net income in those years. Revenue then fell to $6.8 billion in 2023, $3.2 billion in 2024 and $1.94 billion in 2025, with net losses of $4.7 billion, $3.6 billion and $2.8 billion. In 2025 Moderna cut operating expenses by about $2.2 billion (roughly 30%) and ended the year with $8.1 billion in cash and investments. Q2 2026 revenue was $145 million with a $782 million net loss; management guided to up to 10% revenue growth for 2026 and cash costs of about $4 billion.
Revenue and profit by year
BioNTech
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$3.2B | ~-$1.3B | -39.6% | +4.3% | Source |
| FY2024 | ~$3.1B | ~-$751.8M | -24.2% | -28.0% | Source |
| FY2023 | ~$4.3B | ~$1.1B | 24.4% | -77.9% | Source |
| FY2022 | ~$19.6B | ~$10.7B | 54.5% | -8.8% | Source |
| FY2021 | ~$21.4B | ~$11.6B | 54.2% | +3834.6% | Source |
| FY2020 | ~$545M | ~$17.2M | 3.2% | +344.1% | Source |
| FY2019 | ~$122.7M | ~-$202.4M | -164.9% | -14.9% | Source |
| FY2018 | ~$144.2M | ~-$54.3M | -37.6% | +107.1% | Source |
| FY2017 | ~$69.6M | ~-$96.8M | -139.1% | — | Source |
Moderna
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.9B | -$2.8B | -145.2% | -39.9% | Source |
| FY2024 | $3.2B | -$3.6B | -110.0% | -52.7% | Source |
| FY2023 | $6.8B | -$4.7B | -68.8% | -64.4% | Source |
| FY2022 | $19.3B | $8.4B | 43.4% | +4.3% | Source |
| FY2021 | $18.5B | $12.2B | 66.1% | +2200.2% | Source |
| FY2020 | $803M | -$747M | -93.0% | +1233.7% | Source |
| FY2019 | $60.2M | -$514M | -853.7% | -55.4% | Source |
| FY2018 | $135.1M | -$384.7M | -284.8% | -34.4% | Source |
| FY2017 | $205.8M | -$255.9M | -124.3% | +89.9% | Source |
| FY2016 | $108.4M | -$216.2M | -199.5% | — | Source |
Where the revenue comes from
BioNTech
- COVID-19 vaccine (Comirnaty)
majority of revenue
BioNTech's 50% share of gross profit on Pfizer sales outside Germany, plus direct German sales. Lower demand drove H1 2026 revenue down to ~$253 million (€223.7 million) from ~$501 million (€443.6 million).
- Collaboration and licensing revenue
material, lumpy
Mainly Bristol Myers Squibb payments for pumitamig; BioNTech expects to recognize ~$693 million (€613 million) of BMS collaboration revenue in Q3 2026.
- Government contract and services
small, stable
A pandemic-preparedness contract with the German government and service businesses.
- Future oncology product sales
not yet generating revenue
Depends on approvals for pumitamig, its ADCs and other late-stage candidates.
Moderna
- Product SalesPrimary
Commercial sales of Moderna's mRNA vaccines, led by COVID and RSV products.
- Collaboration Revenue
Complementary
Revenue from development collaborations, partner programs, and shared pipeline work.
- Grants And Other Revenue
Complementary
Government, nonprofit, and other support tied to vaccine and platform development.
- Future Pipeline Commercialization
Potential
Revenue potential from respiratory combinations, oncology, rare disease, and other mRNA medicines if approved.
Business model and strategy
BioNTech
How it makes money
BioNTech earns most of its revenue from Comirnaty. In most markets Pfizer sells the vaccine and the two companies split gross profit 50:50, so BioNTech books only its share; in Germany BioNTech records direct sales as revenue, and Fosun Pharma holds rights in Greater China.
Growth strategy
BioNTech's stated goal is to become a multi-product oncology company by 2030. The plan rests on three groups of medicines: next-generation immunomodulators led by pumitamig, now in seven pivotal trials across lung, breast, colorectal and gastric cancer, and gotistobart; antibody-drug conjugates such as trastuzumab pamirtecan (HER2) and elfetabart drozuntecan (B7-H3), which has been given to more than 1,000 patients;
Competitive advantage
BioNTech's edge is breadth backed by a large balance sheet. It pairs mRNA know-how proven across billions of vaccine doses with a PD-L1xVEGF-A bispecific (pumitamig) co-developed with Bristol Myers Squibb, HER2 and B7-H3 antibody-drug conjugates from Duality Biologics, the CTLA-4 candidate gotistobart from OncoC4, and individualized mRNA cancer vaccines developed with Genentech.
Moderna
How it makes money
Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza. Buyers are governments, national immunization programs, pharmacy chains, wholesalers and health systems, so sales are concentrated in the autumn and winter vaccination season.
Growth strategy
Moderna is narrowing its pipeline to programs with near-term commercial potential: respiratory vaccines (COVID, RSV, flu and combinations), individualized cancer therapy with Merck, and a small set of rare-disease and latent-virus programs.
Competitive advantage
Moderna's advantages are a validated mRNA and lipid nanoparticle platform, a large patent estate on modified mRNA, in-house manufacturing in Norwood, Massachusetts plus onshore plants in the UK, Canada and Australia, and regulatory experience across five FDA-approved products.
Questions about BioNTech vs Moderna
Which company has higher revenue — BioNTech SE or Moderna, Inc.?
BioNTech SE reported ~$3.2B (FY2025), while Moderna, Inc. reported $1.9B (FY2025). By last reported revenue, BioNTech SE is the larger business, with Moderna, Inc. reporting a smaller revenue base.
What is the market cap of BioNTech SE vs Moderna, Inc.?
BioNTech SE's market capitalisation stands at $24.7B, while Moderna, Inc.'s is $72.7B. Moderna, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BioNTech SE.
Which is more financially efficient — BioNTech SE or Moderna, Inc.?
BioNTech SE generates $415k / employee in revenue per employee, while Moderna, Inc. generates $414k / employee. BioNTech SE shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BioNTech SE and Moderna, Inc. make money?
BioNTech SE and Moderna, Inc. generate revenue in fundamentally different ways. BioNTech SE: BioNTech earns most of its revenue from Comirnaty. Moderna, Inc.: Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza.
Which company is valued higher relative to revenue — BioNTech SE or Moderna, Inc.?
On a price-to-sales (P/S) basis, BioNTech SE trades at 7.6x P/S and Moderna, Inc. at 37.4x P/S. Moderna, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BioNTech SE. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BioNTech SE bigger than Moderna, Inc.?
By last reported revenue, BioNTech SE (~$3.2B (FY2025)) is the larger company compared to Moderna, Inc. ($1.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BioNTech vs Moderna overview