CureVac (CVAC) AI Stock Analysis

• Market Cap: $1.23B
• Dividend Yield: N/A
• Average Volume (3M): 846.26K
• Price to Earnings (P/E): 6.0
• Beta (1Y): 1.27
• Revenue Growth: 799.36%
• EPS Growth: N/A
• Country: US
• Employees: 825
• Sector: Healthcare
• Sector Strength: 49
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 225,172,740
• 10 Day Avg. Volume: 810,565
• 30 Day Avg. Volume: 846,261
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.25
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 0.67
• Enterprise Value/Ebitda: 1.35
• 1Y Price Target: $4.63
• Price Target Upside: -15.51% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6

• Rating: 76 Outperform
• Price Target: $6.00 ▲(9.49% Upside)

CureVac demonstrates a strong overall performance led by its solid financial health and attractive valuation. The technical indicators support a bullish outlook, further enhancing the stock's appeal. While there is room for improvement in revenue growth, the company's low leverage and efficient cash flow management contribute significantly to its positive score.

Positive Factors

Acquisition

BNTX announced an all-stock acquisition offer for CVAC for ~$1.25B, with CVAC shares exchanged for $5.46 in BNTX ADS – a ~55% premium to CVAC’s trailing 3-month average price.

Financial Strength

The company has €438.3 million in cash and equivalents, expected to fund operations into 2028, providing a strong financial foundation.

Patent Ruling

CureVac obtained a positive ruling from the European Patent Office that upheld the validity of a European patent.

Negative Factors

Legal Challenges

Infringement hearings against major companies BNTX and PFE are commencing, indicating ongoing legal challenges.

Pipeline Concerns

The oncology pipeline is at an early stage and there is a need for a development partner to effectively compete in personalized cancer vaccines.

Revenue Uncertainty

Uncertain milestone recognition timing from partner GSK affects revenue recognition.

CureVac Business Overview & Revenue Model

Company Description

CureVac N.V., a clinical-stage biopharmaceutical company, focuses on developing various transformative medicines based on messenger ribonucleic acid (mRNA). It is developing prophylactic vaccines, such as mRNA-based vaccine candidates CV2CoV, which is in Phase 1 clinical trial against SARS-CoV-2; CV7202, a prophylactic mRNA-based vaccine, which has completed Phase 1 clinical trial for rabies virus glycoprotein; and CVSQIV, which is in Phase 1 clinical trial against influenza, as well as vaccine for lassa fever, yellow fever, respiratiory syncytial virus, rotavirus, malaria, and universal influenza. The company also develops RNA-based cancer immunotherapies, including CV8102, which is in Phase 1 clinical trial for treating cutaneous melanoma and adenoidcystic carcinoma, as well as squamous cell cancer of skin, head, and neck. The company was founded in 2000 and is headquartered in Tübingen, Germany.

How the Company Makes Money

CureVac makes money through the development and commercialization of its mRNA-based products. The company's revenue model is centered on the sale of its vaccines and therapeutics, which are developed in-house or in collaboration with strategic partners. Key revenue streams include licensing agreements, milestone payments, and royalties from commercialized products. Significant partnerships, such as those with pharmaceutical companies and research institutions, contribute to its earnings by providing additional funding, resources, and access to broader markets. These collaborations often involve joint development efforts, sharing of research data, and co-marketing of resultant products, which help CureVac expand its reach and accelerate product development.

CureVac Financial Statement Overview

Summary

CureVac's financial statements indicate a positive trajectory with substantial improvements in profitability and cash flow. The company has managed to turn previous losses into profits, maintaining a strong balance sheet with low leverage. However, the slight decline in revenue growth and asset base suggests areas for focus to sustain long-term growth.

Income Statement

CureVac's income statement shows a significant improvement in profitability with a positive net income and gross profit in the TTM period, compared to previous losses. The TTM gross profit margin stands at approximately 87.6%, and the net profit margin is about 34.5%. However, the revenue growth rate is slightly negative from the previous annual report, indicating a need to sustain top-line growth. The EBIT and EBITDA margins are strong at 37.5% and 43.5%, respectively, reflecting improved operational efficiency.

Balance Sheet

CureVac's balance sheet is solid with a low debt-to-equity ratio of around 0.06, signifying low financial leverage. The equity ratio is strong at approximately 87.1%, indicating high asset financing through equity. The return on equity (ROE) is about 27.9% in the TTM period, demonstrating effective use of equity to generate profits. Nonetheless, the decrease in total assets and stockholders' equity compared to previous periods could indicate challenges in asset growth.

Cash Flow

The cash flow statement reveals significant improvement in operating cash flow and free cash flow in the TTM period. The free cash flow to net income ratio is robust at about 0.79, showing strong cash generation relative to profits. The operating cash flow to net income ratio is approximately 0.87, reflecting efficient cash operations. The free cash flow growth rate from the previous period is substantial, highlighting strong cash flow management.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	535.18M	53.76M	67.42M	102.99M	48.90M
Gross Profit	429.35M	-70.61M	-116.57M	-135.21M	34.73M
EBITDA	209.69M	-234.09M	-209.39M	-386.49M	-123.09M
Net Income	162.19M	-260.17M	-249.03M	-411.72M	-129.07M
Balance Sheet
Total Assets	802.83M	788.25M	860.47M	1.16B	1.51B
Cash, Cash Equivalents and Short-Term Investments	485.37M	405.11M	500.28M	816.11M	1.33B
Total Debt	38.97M	41.82M	42.09M	28.89M	30.09M
Total Liabilities	106.22M	271.31M	327.22M	469.77M	800.01M
Stockholders Equity	696.61M	516.94M	533.25M	688.48M	711.35M
Cash Flow
Free Cash Flow	83.41M	-323.09M	-379.40M	-861.03M	475.05M
Operating Cash Flow	101.85M	-267.89M	-286.18M	-733.13M	522.40M
Investing Cash Flow	-18.44M	-55.20M	-93.50M	-127.90M	-45.27M
Financing Cash Flow	-5.11M	230.89M	63.17M	344.96M	819.83M

CureVac Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.48
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVAC, the sentiment is Positive. The current price of 5.48 is above the 20-day moving average (MA) of 5.45, above the 50-day MA of 5.34, and above the 200-day MA of 3.82, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 70.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVAC.

CureVac Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CVAC	76 Outperform	$1.23B	6.04	34.46%	―	799.36%	―
ABCL	57 Neutral	$1.34B	―	-15.64%	―	-0.54%	-6.28%
NRIX	52 Neutral	$807.31M	―	-50.67%	―	41.86%	10.48%
Sector *	50 Neutral	AU$2.58B	3.16	5.87%	2.68%	36.95%	13.61%
VIR	50 Neutral	$627.90M	―	-46.22%	―	-75.91%	-12.11%
PRAX	49 Neutral	$1.00B	―	-60.98%	―	338.45%	-19.64%
XNCR	43 Neutral	$545.62M	―	-29.22%	―	-2.07%	22.52%