The case for & against
Bull & Bear analysis
Bullish
CureVac N.V. (NASDAQ: CVAC) is a pioneering biopharmaceutical company focused on developing next-generation mRNA-based vaccines and therapeutics for infectious diseases and oncology. They have made significant advancements in mRNA technology, evidenced by strategic collaborations, particularly with GSK, and a robust clinical pipeline that includes therapies for COVID-19, seasonal flu, and various cancers. As the demand for innovative healthcare solutions continues to rise, CureVac positions itself as a critical player in this evolving sector, giving considerable attention to the potential of mRNA technology as it transforms patient care.
Bull says
- ↑€551M cash at end-Q3 provides funding through 2028
- ↑€1.45B upfront GSK deal boosts near-term revenues
- ↑30% workforce cut to yield over 30% cost savings
- ↑Phase I glioblastoma and NSCLC trials could drive oncology upside
- ↑High earnings yield, ROE and positive momentum metrics
Bear says
- ↓Uncertain approvals risk delaying key trial readouts
- ↓Dependence on GSK partnerships exposes development to execution risk
- ↓mRNA oncology adoption skepticism may limit market uptake
- ↓R&D spend increases may exhaust cash before 2028
- ↓High short interest, weak sales growth and profitability metrics
Earnings Call · Q3 2022 · Mgmt. Guidance
Updated 09-07-2026bullish
Transcript signals
Bull points
- Revenues for our two GSK collaborations increased year on year and amounted to a total of 52.7 million euros for the first nine months of 2022 compared to 49.6 million euros the previous year.
- Other income decreased but was positively impacted by 32.5 million euros from GSK for reimbursement of prepayment and production activity set up at a CMO.
- The technology which has become part of the CureVac technology platform with the acquisition earlier this year is dedicated to transforming the treatment of cancer by harnessing the immune system to recognize and fight tumors.
Bear points
- revenues decreased by 18.1 million euros to 11.2 million euros for the third quarter of 2022 and decreased by 6.1 million euros to 55.7 million euros for the first nine months of 2022 compared to the same periods in 2021.
- Operating loss was 52.4 million euros for the third quarter of 2022, representing a 90.7 million euro decrease compared to the third quarter of 2021.
- For the first nine months ended September 30, 2022, operating loss decreased by €278.8 million to a total of €127.9 million year over year.
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