BioNTech vs Toyota: Revenue, Profit and Business Model
BioNTech reported ~$3.2B of revenue in FY2025 and a net loss of ~$1.3B. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B 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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
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 |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | 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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about BioNTech vs Toyota
Which company has higher revenue — BioNTech SE or Toyota Motor Corporation?
BioNTech SE reported ~$3.2B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with BioNTech SE reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BioNTech SE vs Toyota Motor Corporation?
BioNTech SE's market capitalisation stands at $24.7B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation 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 Toyota Motor Corporation?
BioNTech SE generates $415k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation 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 Toyota Motor Corporation make money?
BioNTech SE and Toyota Motor Corporation generate revenue in fundamentally different ways. BioNTech SE: BioNTech earns most of its revenue from Comirnaty. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — BioNTech SE or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, BioNTech SE trades at 7.6x P/S and Toyota Motor Corporation at 0.8x P/S. BioNTech SE commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BioNTech SE bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) 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 Toyota overview