BioNTech vs Pfizer: Revenue, Profit and Business Model
BioNTech reported ~$3.2B of revenue in FY2025 and a net loss of ~$1.3B. Pfizer reported $62.6B of revenue in FY2025 and $7.8B of net income.
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.
Pfizer
Pfizer revenue rose from $41.7 billion in 2020 to $81.3 billion in 2021 and $101.2 billion in 2022 on Comirnaty and Paxlovid, then fell to $59.6 billion in 2023 as COVID demand collapsed. It recovered to $63.6 billion in 2024 and was $62.6 billion in 2025, with net income of $7.8 billion. In Q2 2026 revenue was $15.0 billion, up 1% operationally, or 5% excluding COVID products, and Pfizer raised the midpoint of its 2026 revenue guidance to $60.5 billion to $62.5 billion with adjusted EPS guidance of $2.80 to $3.00. The roughly $31 billion of debt raised for Seagen in 2023 and an ongoing cost-reduction program shape capital allocation alongside a dividend yield near 6%.
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 |
Pfizer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $62.6B | $7.8B | 12.4% | -1.6% | Source |
| FY2024 | $63.6B | $8B | 12.6% | +6.8% | Source |
| FY2023 | $59.6B | $2.1B | 3.6% | -41.1% | Source |
| FY2022 | $101.2B | $31.4B | 31.0% | +24.5% | Source |
| FY2021 | $81.3B | $22B | 27.0% | +95.2% | Source |
| FY2020 | $41.7B | $9.2B | 22.0% | +1.8% | Source |
| FY2019 | $40.9B | $16B | 39.2% | +0.2% | Source |
| FY2018 | $40.8B | $11.2B | 27.3% | -22.3% | Source |
| FY2017 | $52.5B | $21.3B | 40.6% | -0.5% | Source |
| FY2016 | $52.8B | $7.2B | 13.7% | — | 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.
Pfizer
- Patented medicines
Core revenue
Prescription drugs protected by exclusivity and clinical differentiation.
- Vaccines
Major revenue contributor
Adult, pediatric, pneumococcal, RSV, and COVID-related vaccines.
- Oncology
Strategic growth driver
Cancer medicines, antibody-drug conjugates, and Seagen-related assets.
- Hospital and anti-infective products
Meaningful contributor
Sterile injectables, anti-infectives, and hospital therapies.
- Collaborations and alliances
Supplemental
Co-promoted products and partnered scientific platforms.
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.
Pfizer
How it makes money
Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market. Revenue is concentrated in large franchises such as Eliquis (co-commercialized with Bristol Myers Squibb), the Prevnar pneumococcal vaccines, the Vyndaqel tafamidis family, Ibrance, Xtandi and the Seagen antibody-drug conjugates.
Growth strategy
Pfizer's growth plan has three parts. Oncology: the $43 billion Seagen deal (closed December 2023) added Padcev, Adcetris, Tukysa and Tivdak, and Pfizer licensed 3SBio's PD-1xVEGF bispecific in 2025 and signed a 12-program cancer collaboration with Innovent Biologics in May 2026 ($650 million upfront, up to $10.5 billion total).
Competitive advantage
Pfizer's advantage is scale in late-stage development, regulatory filings, manufacturing and commercialization. The BioNTech partnership showed it: BioNTech supplied the mRNA science, while Pfizer ran the global Phase 3 trial with more than 40,000 participants, built ultra-cold distribution and manufactured billions of Comirnaty doses.
Questions about BioNTech vs Pfizer
Which company has higher revenue — BioNTech SE or Pfizer Inc.?
BioNTech SE reported ~$3.2B (FY2025), while Pfizer Inc. reported $62.6B (FY2025). By last reported revenue, Pfizer Inc. is the larger business, with BioNTech SE reporting a smaller revenue base.
What is the market cap of BioNTech SE vs Pfizer Inc.?
BioNTech SE's market capitalisation stands at $24.7B, while Pfizer Inc.'s is $160.3B. Pfizer 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 Pfizer Inc.?
BioNTech SE generates $415k / employee in revenue per employee, while Pfizer Inc. generates $834k / employee. Pfizer Inc. 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 Pfizer Inc. make money?
BioNTech SE and Pfizer Inc. generate revenue in fundamentally different ways. BioNTech SE: BioNTech earns most of its revenue from Comirnaty. Pfizer Inc.: Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market.
Which company is valued higher relative to revenue — BioNTech SE or Pfizer Inc.?
On a price-to-sales (P/S) basis, BioNTech SE trades at 7.6x P/S and Pfizer Inc. at 2.6x P/S. BioNTech SE commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Pfizer Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BioNTech SE bigger than Pfizer Inc.?
By last reported revenue, Pfizer Inc. ($62.6B (FY2025)) is the larger company compared to BioNTech SE (~$3.2B (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 Pfizer overview