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BioNTech’s marketed pharmaceutical product is Comirnaty, an mRNA vaccine against COVID-19 developed with Pfizer. Pfizer sells and distributes it in most markets, and BioNTech earns a share of the gross profit from those sales. BioNTech handles commercialization itself in Germany and Türkiye, while Fosun Pharma holds the rights in mainland China, Hong Kong, Macau and Taiwan. Government purchases and insurance coverage help fund vaccination; Pfizer supplies most of BioNTech’s revenue, and Germany’s Federal Ministry of Health is another major customer.
Vaccine sales remain the main revenue source. They depend on demand for vaccination and boosters, timely vaccines adapted to circulating variants, and regulatory approval for their use. Sales are seasonal, with demand concentrated in the northern hemisphere’s autumn and winter.
BioNTech is also developing cancer treatments, including investigational mRNA therapies and antibody-based medicines. It earns substantial licensing revenue from Bristol Myers Squibb through their partnership for the cancer drug candidate pumitamig. That agreement provides upfront and scheduled payments, plus payments tied to development, regulatory and commercial milestones, with shared development costs and future profits and losses. These cancer treatments remain in development: BioNTech and its partners must demonstrate safety and effectiveness and obtain approval before selling them.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
BioNTech depends heavily on Pfizer: the two jointly develop and sell the Comirnaty COVID-19 vaccine, split its commercialization gross profits equally, and Pfizer accounted for 56% of BioNTech’s 2025 customer-contract revenue. Pfizer’s Comirnaty sales show the vaccine demand feeding BioNTech’s profit share.
Moderna competes with BioNTech’s Comirnaty for seasonal COVID-19 vaccination purchases, and both companies rely on COVID-19 vaccines for most of their product revenue. Watch Moderna’s Spikevax and mNEXSPIKE sales for signs of demand and competitive pressure on Comirnaty.
Bristol Myers Squibb funds part of BioNTech’s cancer-drug development by paying for rights to develop and sell pumitamig, with substantial upfront and anniversary payments, shared development costs and equal global profit sharing. Watch pumitamig’s clinical progress; the partnership generated €613 million of BioNTech’s licensing revenue in 2025, distinct from the cash paid upfront.
Summit Therapeutics’ ivonescimab challenges BioNTech and Bristol Myers Squibb’s pumitamig in late-stage development of cancer drugs that target both immune checkpoints and blood-vessel growth, known as PD-(L)1/VEGF bispecific therapies. Watch ivonescimab’s trial results and approval progress for the competitive bar pumitamig must meet.
Novavax’s protein-based COVID-19 vaccine competes for the vaccination demand that supports BioNTech’s Comirnaty revenue. Watch deliveries under Novavax’s vaccine purchase agreements, including Australia’s potential dose cancellations, rather than treating all its revenue as a signal about COVID-19 demand.
Merck competes for the solid-tumor treatment opportunities BioNTech is pursuing with pumitamig, both through its marketed Keytruda immunotherapy and its experimental LM-299. Keytruda sales and LM-299 clinical news offer separate views of the established treatment market and the emerging competition.
AstraZeneca competes in two cancer-treatment markets BioNTech is pursuing: Enhertu overlaps with trastuzumab pamirtecan in HER2-targeted treatment, while Imfinzi overlaps with pumitamig in solid-tumor immunotherapy. Watch Imfinzi sales and Enhertu alliance revenue separately: AstraZeneca has no Enhertu commercialization rights, so those revenue lines are not directly comparable.
Arcturus Therapeutics Holdings Inc.’s KOSTAIVE competes with BioNTech’s Comirnaty for COVID-19 vaccinations, initially through its commercialization partners in Japan. KOSTAIVE began commercial sales there in October 2024; watch its Japanese sales progress, though the supplied material gives no sales amount.
Bristol-Myers Squibb Co. earningsBMY
Bristol Myers Squibb’s report will show whether pumitamig is advancing clinically, a test of how its shared development program is moving BioNTech’s oncology business forward.
Read Bristol Myers Squibb’s update on pumitamig’s trial progress alongside the fact that the companies generally share development costs equally. Continued clinical progress would show the partnership moving BioNTech’s oncology strategy toward a potential product; delays or little movement would leave diversification farther from revenue while BioNTech still bears its agreed share of development costs.
BioNTech SE earningsThis company
BioNTech still gets most of its customer-contract revenue from COVID-19 vaccines, and this report will show whether that profit share can hold up as oncology-partnership revenue and spending reshape the mix.
Read COVID-19 vaccine revenue alongside oncology-partnership licensing revenue and operating expenses. Licensing revenue is recognized under contract terms and recognition conditions, so it is not the same as cash received that quarter. Steady vaccine revenue, more licensing revenue and controlled expenses would show the core income stream holding up as the business broadens; falling vaccine revenue with rising expenses and too little licensing revenue to offset it would show that newer work has not yet replaced the decline.
Pfizer Inc. earningsPFE
Pfizer’s report will show Comirnaty sales in the territories it serves, giving BioNTech a direct signal of vaccine demand feeding their shared gross profit.
Read Pfizer’s Comirnaty sales alongside the direction of BioNTech’s COVID-19 vaccine revenue. Higher Pfizer sales would show demand in its territories supporting the gross profit the partners share; lower sales would signal pressure on BioNTech’s largest customer-contract revenue stream. The figures will not match one-for-one: BioNTech records its collaboration share, and territories and recognition timing differ. The takeaway is the strength of the demand base, not a direct revenue conversion.
Moderna, Inc. earningsMRNA
Moderna’s report will show Spikevax and mNEXSPIKE sales, helping BioNTech distinguish a stronger COVID-19 vaccine market from competition for Comirnaty.
Read Moderna’s Spikevax and mNEXSPIKE sales alongside BioNTech’s COVID-19 vaccine revenue. Growth at both would point more to stronger vaccination demand; Moderna growth with weaker BioNTech vaccine revenue would suggest rising competitive pressure; declines at both would point more to a shrinking market than a shift in share. The distinction is whether BioNTech is facing a demand change or a competitive one.
