The numbers tell a stark story of transition. BioNTech’s Covid vaccine revenue is sliding toward a projected €2.0-2.3 billion for the full year, while research spending is set to hit €2.5 billion — exceeding total sales. Yet the Mainz-based biotech is betting that its oncology pipeline will eventually rewrite that equation, and fresh clinical data suggests the wager may be paying off.
Shares surged 13.4% after the company unveiled positive Phase 2 results for Trastuzumab Pamirtecan (T-Pam), an antibody-drug conjugate developed in partnership with DualityBio. The candidate targets recurrent endometrial cancer and delivered an overall response rate of nearly 48% across all HER2 expression levels. Among patients with strong HER2 expression, that figure climbed to 73%. The US Food and Drug Administration has already granted the program accelerated approval status, and BioNTech plans to file a formal marketing application in 2026. In China, the regulatory review process for breast cancer is already underway.
Bank of America responded by lifting its price target to $130 while maintaining a “Buy” rating, citing the strength of the oncology pipeline. The broader sector also lent support: positive survival data from the HARMONi-06 study involving other ADC developers generated industry-wide optimism, reinforcing confidence in BioNTech’s diversified platform strategy.
Should investors sell immediately? Or is it worth buying BioNTech?
The stock closed Thursday at €92.70, well above its 50-day moving average and up roughly 21% over the past month. Still, some investors took profits ahead of the next major catalyst. On May 5, management will release first-quarter financial results, offering the first detailed look at how the transition is tracking operationally. Ten days later, the annual general meeting will feature a vote on expanding the supervisory board with two new oncology specialists, as well as a proposal for new authorized capital.
The company’s financial position remains solid enough to fund the pivot. But the clock is ticking. BioNTech plans to launch six additional Phase 3 studies this year, and any delays in the late-stage pipeline would quickly pressure the current valuation. For now, the T-Pam data provides a tangible signal that the oncology bet is gaining traction — even as the Covid revenue tailwind fades.
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