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CureVac (CVAC)
NASDAQ:CVAC
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CureVac
(NASDAQ:CVAC)
Rating:74Outperform
Price Target:
$6.00
▲(11.32% Upside)
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.
Financials
CVAC ended the period with €392.7mm in cash and equivalents, expected to fund operations into 2028.
Intellectual Property
CureVac obtained a positive ruling from the European Patent Office that upheld the validity of a European patent.
Negative Factors
Legal Challenges
CVAC is currently dealing with ongoing patent litigation, which adds a layer of complexity to its operations.
Operating Loss
Operating loss of €61.7mm was above consensus expectations.
Uncertain Revenue
Uncertain milestone recognition timing from partner GSK affects revenue recognition.
CureVac (CVAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.20B
Dividend YieldN/A
Average Volume (3M)635.46K
Price to Earnings (P/E)5.9
Beta (1Y)1.29
Revenue Growth799.36%
EPS GrowthN/A
CountryUS
Employees825
SectorHealthcare
Sector Strength51
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.18
Shares Outstanding225,172,740
10 Day Avg. Volume484,814
30 Day Avg. Volume635,456
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.25
Enterprise Value/Revenue0.60
Enterprise Value/Gross Profit0.63
Enterprise Value/Ebitda1.28
Forecast
1Y Price Target
$5.25Price Target Upside-2.60% Downside
Rating ConsensusHold
Number of Analyst Covering4
CureVac Business Overview & Revenue Model
Company DescriptionCureVac (CVAC) is a biotechnology company focused on developing transformative medicines based on messenger RNA (mRNA) technology. The company operates primarily in the biopharmaceutical sector, leveraging its proprietary mRNA platform to develop vaccines and therapeutics for a range of diseases, including infectious diseases and cancer. CureVac's core product offerings include its mRNA-based vaccine candidates and therapeutic solutions designed to harness the body's natural mechanisms to produce proteins that can prevent or treat diseases.
How the Company Makes MoneyCureVac 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 Earnings Call Summary
Earnings Call Date:Aug 15, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Positive
CureVac has demonstrated strong financial health with a solid cash runway and strategic partnerships, particularly with GSK. Significant progress in oncology and patent validation are positive indicators. However, operational challenges, including a major restructuring and associated costs, pose concerns.Q4-2024 Updates
Positive Updates
Strong Financial Position
CureVac closed 2024 with a cash position of EUR482 million, providing a solid expected financial runway into 2028.
Strategic Collaboration with GSK
Licensing agreement with GSK valued up to EUR1.45 billion plus royalties, significant upfront payment of EUR400 million received.
Pipeline Advancements in Oncology
Progress in glioblastoma and squamous non-small cell lung cancer programs with anticipated new data and regulatory milestones.
Patent Office Ruling
European Patent Office upheld the validity of CureVac's split poly-A tail 668 patent in amended forms.
Negative Updates
Operational Challenges
Completion of a strategic corporate restructuring involving a headcount reduction of approximately 30%.
Impairment Costs
Impairment of a large-scale production facility, with extraordinary payments amounting to EUR137 million related to past commitments and patent litigation.
Company Guidance
During CureVac's Fourth Quarter and Full Year 2024 financial results and business update call, several key metrics and strategic developments were highlighted. The company ended 2024 with a strong cash position of EUR 482 million, providing a financial runway into 2028. Key achievements included the completion of a strategic restructuring, which involved a 30% reduction in workforce, anticipated to decrease operating expenses by over 30% and reduce personnel costs by EUR 25 million. CureVac's collaboration with GSK, valued at up to EUR 1.45 billion plus royalties, generated a EUR 400 million upfront payment and a EUR 10 million milestone payment in the fourth quarter. In oncology, CureVac's Phase 1 glioblastoma study demonstrated promising results, and the company plans to advance to Phase 2 pending further data in the second half of 2025. In infectious diseases, a licensing agreement with GSK continues to progress, with a combined Phase 1/2 study for a seasonal influenza and COVID combination vaccine underway. The company also emphasized progress in its IP litigation, with the European Patent Office upholding the validity of a critical patent, reinforcing CureVac's leadership in mRNA technology.CureVac Financial Statement Overview
Summary
CureVac demonstrates a strong financial position with impressive profitability metrics and a solid balance sheet. The company has effectively managed its debt levels and equity, resulting in high returns on equity. While revenue growth has faced challenges, the company has shown resilience in improving its cash flow generation.Income Statement
CureVac's income statement shows a strong recovery with a TTM gross profit margin of 87.6% and a net profit margin of 34.5%. The EBIT and EBITDA margins are also robust at 39.9% and 43.5%, respectively. However, the revenue growth rate has declined by 2.5% in the TTM period, indicating potential challenges in sustaining revenue growth.75
Positive
Balance Sheet
The balance sheet is solid with a low debt-to-equity ratio of 0.058, indicating low leverage. The return on equity is strong at 29.6%, reflecting efficient use of equity to generate profits. The equity ratio stands at 85.1%, showcasing a strong equity base relative to total assets.80
Positive
Cash Flow
CureVac's cash flow statement highlights a significant improvement in free cash flow growth at 36.7% in the TTM period. The operating cash flow to net income ratio is healthy at 2.56, suggesting strong cash generation relative to net income. However, the free cash flow to net income ratio of 0.91 indicates that not all net income is translating into free cash flow.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 510.51M | 535.18M | 53.76M | 67.42M | 102.99M | 48.90M |
| Gross Profit | 484.00M | 429.35M | -70.61M | -116.57M | -135.21M | 34.73M |
| EBITDA | 238.59M | 209.69M | -234.09M | -209.39M | -386.49M | -123.09M |
| Net Income | 193.64M | 162.19M | -260.17M | -249.03M | -411.72M | -129.07M |
Balance Sheet | ||||||
| Total Assets | 688.88M | 802.83M | 788.25M | 860.47M | 1.16B | 1.51B |
| Cash, Cash Equivalents and Short-Term Investments | 395.81M | 485.37M | 405.11M | 500.28M | 816.11M | 1.33B |
| Total Debt | 36.03M | 38.97M | 41.82M | 42.09M | 28.89M | 30.09M |
| Total Liabilities | 102.51M | 106.22M | 271.31M | 327.22M | 469.77M | 800.01M |
| Stockholders Equity | 586.37M | 696.61M | 516.94M | 533.25M | 688.48M | 711.35M |
Cash Flow | ||||||
| Free Cash Flow | 196.15M | 83.41M | -323.09M | -379.40M | -861.03M | 475.05M |
| Operating Cash Flow | 204.08M | 101.85M | -267.89M | -286.18M | -733.13M | 522.40M |
| Investing Cash Flow | -7.93M | -18.44M | -55.20M | -93.50M | -127.90M | -45.27M |
| Financing Cash Flow | -5.39M | -5.11M | 230.89M | 63.17M | 344.96M | 819.83M |
CureVac Technical Analysis
Positive
5.39
Price Trends
5.43
Negative
4.76
Positive
4.00
Positive
Market Momentum
>-0.01
Positive
49.09
Neutral
32.53
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 5.39 is below the 20-day moving average (MA) of 5.42, below the 50-day MA of 5.43, and above the 200-day MA of 4.00, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 49.09 is Neutral, neither overbought nor oversold. The STOCH value of 32.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVAC.
CureVac Risk Analysis
CureVac disclosed 97 risk factors in its most recent earnings report. CureVac reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
If we cannot maintain our corporate culture, we could lose the innovation, teamwork and passion that we believe contribute to our success. Q4, 2023
2.
If we are not successful in discovering, developing and commercializing additional products, our ability to expand our business and achieve our strategic objectives would be impaired. Q4, 2023
3.
The increasing use of social media platforms presents risks and challenges. Q4, 2023
CureVac Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.20B | 5.89 | 34.46% | ― | 799.36% | ― | |
55 Neutral | $714.03M | ― | -46.22% | ― | -75.91% | -12.11% | |
51 Neutral | $7.92B | -0.43 | -41.67% | 2.21% | 22.29% | -1.85% | |
47 Neutral | $697.22M | ― | -50.67% | ― | 41.86% | 10.48% | |
47 Neutral | $970.00M | ― | -60.98% | ― | 338.45% | -19.64% | |
46 Neutral | $596.97M | ― | -29.22% | ― | -2.07% | 22.52% | |
46 Neutral | $1.21B | ― | -15.64% | ― | -0.54% | -6.28% |
* Healthcare Sector Average
Performance Comparison
CVAC
CureVac
5.39
2.47
84.59%
XNCR
Xencor
8.55
-11.34
-57.01%
VIR
Vir Biotechnology
5.27
-2.55
-32.61%
NRIX
Nurix Therapeutics
9.91
-13.53
-57.72%
PRAX
Praxis Precision Medicines
46.85
-12.14
-20.58%
ABCL
AbCellera Biologics
4.22
1.82
75.83%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.