Conference call and webcast scheduled for August 8, 2022, at 8:00 am ET (2:00 pm CET)
BioNTech SE (Nasdaq: BNTX, “BioNTech” or the "Company”) today reported financial results for the three and six months ended June 30, 2022 and provided an update on its corporate progress.
“In the first half of 2022, we achieved important milestones as we have further strengthened our COVID-19 vaccine leadership and have expanded our broad pipeline and accelerated its maturation. Our COVID-19 product pipeline includes variant-adapted and next-generation vaccine candidates, aimed at prolonged and broad protection,” said Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech. “In oncology, we have presented encouraging data updates for our individualized mRNA cancer vaccine candidate BNT122 in pancreatic cancer and our novel CAR-T cell therapy candidate BNT211 in solid tumors, leading to our first PRIME designation by EMA. We drive toward the preparation of registrational trials as well as the delivery of our first BioNTainers to Africa, aiming to provide access to novel medicines.”
Key Second Quarter Financial Results
in millions, except per share data | Second Quarter 2022 | Second Quarter 2021 | First Half 2022 | First Half 2021 |
Total Revenues1 | €3,196.5 | €5,308.5 | €9,571.1 | €7,356.9 |
Net Profit | €1,672.0 | €2,787.2 | €5,370.8 | €3,915.3 |
Diluted Earnings per Share | €6.45 | €10.77 | €20.69 | €15.14 |
“With our strong performance year to date, we believe to be well on track to achieve our previous financial guidance for the ongoing financial year,” said Jens Holstein, CFO of BioNTech. “With our initiatives around variant-adapted COVID-19 vaccine candidates, we expect an uptake in demand in our key markets in the fourth quarter of 2022, subject to regulatory approval. We will continue to invest heavily in research and development in 2022 and beyond and remain focused on furthering our oncology pipeline as well as driving our leadership in COVID-19 vaccine development. We are driving toward potential launches of multiple innovative products to address diseases with high unmet medical need in the coming three to five years.”
Outlook for the 2022 Financial Year Reiterated
The Company reiterates its prior 2022 financial year outlook, which includes the following components:
BioNTech COVID-19 Vaccine Revenues for the 2022 Financial Year:
Estimated BioNTech COVID-19 vaccine revenues for the full 2022 financial year | €13 billion - €17 billion |
This revenue estimate reflects expected revenues related to BioNTech’s share of gross profit from COVID-19 vaccine sales in the collaboration partners’ territories, from direct COVID-19 vaccine sales to customers in BioNTech’s territory and expected revenues generated from products manufactured by BioNTech and sold to collaboration partners.
Planned 2022 Financial Year Expenses and Capex:
R&D expenses | €1,400 million - €1,500 million |
SG&A expenses | €450 million - €550 million |
Capital expenditures | €450 million - €550 million |
The ranges reflect current base case projections and do not include potential effects caused by or driven from additional collaborations or potential merger and acquisition transactions.
Estimated 2022 Financial Year Tax Assumptions:
BioNTech Group estimated annual effective income tax rate | ~28% |
Detailed Second Quarter Financial Results
The full interim unaudited condensed consolidated financial statements can be found in BioNTech’s Report on Form 6-K, filed today with the SEC and available at https://www.sec.gov/.
1BioNTech's profit share is estimated based on preliminary data shared between Pfizer and BioNTech as further described in BioNTech's Annual Report on Form 20-F for the year ended December 31, 2021 as well as its Quarterly Report as of and for the three and six months ended June 30, 2022, filed as an exhibit to BioNTech’s Current Report on Form 6-K filed on August 8, 2022. Any changes in the estimated share of the collaboration partner's gross profit will be recognized prospectively.
2Calculated applying the average foreign exchange rates for the three and six months ended June 30, 2022, respectively as published by the German Central Bank (Deutsche Bundesbank).
Second Quarter 2022 and Subsequent Program Updates
COVID-19 Vaccine Program – BNT162
BioNTech and Pfizer continue to build on their global COVID-19 vaccine leadership with further label expansions as well as development of a diverse pipeline of follow-on and next generation vaccine candidates. Subject to regulatory approval, Omicron-adapted vaccine launches and clinical trial starts, including trials for next generation vaccines, are expected to begin in the second half of 2022.
Commercial updates
As of the beginning of July 2022, BioNTech and Pfizer have delivered in total more than 3.6 billion doses to 180 countries or territories. The companies have signed orders for approximately 2.5 billion doses for 2022, and, in the first half of the year, invoiced approximately 1.2 billion doses. The cumulative share of doses3 increased in the period between January 1, 2022 to July 20, 2022 from approximately 52% to 63% in all markets4,5. In developed markets6, the share of doses for the same time period increased from approximately 59% to 68%.
As part of BioNTech and Pfizer's 2-billion-doses-pledge to support equitable access to medicines, the companies have delivered more than 1.5 billion doses of the companies’ COVID-19 vaccine in total to low- and middle-income countries.
3 Market share data includes only those markets in which Pfizer operates and that report market share data
4 Incl. all markets in Developed Markets (5) plus Emerging Markets (Argentina, Chile, Ecuador, Hong Kong, Nepal, Peru, South Africa, Uruguay)
5 Includes the U.S., EU/EEA, other Int'l Developed markets (Japan, South Korea, Switzerland, Ukraine)
6 Starting date of January 1, 2022 for this data set is from Q1 2022 earnings presentation
Manufacturing updates
BioNTech and Pfizer’s global COVID-19 vaccine supply chain and manufacturing network includes 20 manufacturing facilities spanning four continents.
Clinical development and regulatory updates
BioNTech and Pfizer’s COVID-19 vaccine has received multiple regulatory approvals including expansions of authorizations for booster and pediatric vaccinations.
BNT162b2 has demonstrated a high level of protection against several variants of concern, including Alpha, Beta, and Delta and continues to offer protection against severe disease, hospitalization and death for circulating Omicron-variants. BioNTech and Pfizer continue to monitor protection offered by BNT162b2 against emerging SARS-CoV-2 variants.
The companies are currently evaluating variant-adapted COVID-19 vaccines, including monovalent and bivalent vaccines directed against Omicron subvariants and other strains of SARS-CoV-2. Data from these studies were presented to regulatory agencies in June and July 2022, which supported the regulators’ discussions for the development of Omicron-adapted vaccines and definition of the most appropriate regulatory pathways. BioNTech and Pfizer will continue to submit available data to regulatory authorities worldwide. In June 2022, the U.S. FDA advised vaccine manufacturers to develop modified vaccines that add an Omicron BA.4/5 spike protein encoding component to the current vaccine composition to create a bivalent booster vaccine.
BioNTech and Pfizer are investigating and identifying novel next-generation vaccine approaches to maintain a broad and longer lasting immune response and high levels of protection against SARS-CoV-2 as it evolves. The long-term strategy takes a multipronged approach devised to develop and test multiple engineered vaccine candidates to achieve the goal of delivering a pan-SARS-CoV-2-type vaccine that will ultimately help to better manage upcoming variants of concern. The companies expect that scientific data derived from those different approaches will support the vaccine candidate selected for evaluation in a pivotal trial.
BioNTech and Pfizer plan to test several novel vaccine constructs that have been engineered to engage multiple arms of the immune system, including antibodies and T cells. These next-generation vaccine approaches the companies plan to evaluate include an enhanced SARS-CoV-2 spike antigen and a T cell enhancing vaccine candidate.
Additional Infectious Disease Programs
BioNTech is on track to initiate two first-in-human clinical trials in the second half of 2022 that include mRNA-based product candidates designed to address shingles (in collaboration with Pfizer), and herpes simplex virus type 2 (HSV 2; BNT163).
First-in-human clinical trials for tuberculosis (BNT164) and malaria (BNT165) are now expected to start in the second half of 2022 or early 2023.
Influenza Vaccine Program
BNT161 - BioNTech is collaborating with Pfizer to develop an influenza vaccine based on BioNTech's suite of mRNA platforms.
Oncology
BioNTech’s immuno-oncology strategy is based on pioneering approaches that harness the immune response to treat cancer. The Company has multiple clinical stage assets across different therapeutic classes which may have the potential to tackle tumors using complementary strategies, either by targeting tumor cells directly or by modulating the immune response against the tumor. The Company’s oncology pillars include mRNA therapeutic vaccines, cell therapies (CAR-, TCR-, and neoantigen-specific T cell therapies), mRNA-encoded effector molecules (RiboMabs and RiboCytokines), next-generation immune checkpoint inhibitors and agonists, anti-tumor antibodies and immune-modulatory small molecules. Many product candidates have the potential to be combined with other pipeline assets or already approved therapies.
BioNTech’s clinical stage oncology pipeline includes a total of 18 product candidates in 23 ongoing clinical trials including five in randomized Phase 2 clinical trials: two FixVac programs (BNT111 and BNT113), two indications for the iNeST product candidate autogene cevumeran (BNT122/RO7198457), and the bispecific antibody immune checkpoint modulator BNT311 (GEN1046). BNT116, a FixVac program for non-small cell lung cancer (NSCLC) and BNT142, a RiboMab program targeting CD3 on T cells and Claudin-6 (CLDN6) in solid tumors, have recently entered first-in-human clinical testing.
BioNTech expects continued pipeline advancement and expansion, as well as further data readouts from the ongoing trials, for the remainder of 2022.
mRNA programs
FixVac
BioNTech’s off-the-shelf cancer immunotherapy approach, FixVac, leverages the Company's proprietary uridine mRNA (uRNA) backbone for full actualization of the intrinsic adjuvanticity of RNA that encodes cancer-specific shared antigens for intravenous administration using the proprietary RNA-LPX formulation and aiming for induction of strong antigen-specific immune responses. FixVac product candidates may be of clinical utility in combination with anti-PD1 in patients with lower mutational burden tumors, including those who have already experienced checkpoint inhibitor (CPI) therapy.
Two FixVac programs are in ongoing Phase 2 trials: BNT111 in PD1 inhibitor refractory/relapsed melanoma (in collaboration with Regeneron Pharmaceuticals, Inc., “Regeneron”) and BNT113 in HPV16+ PDL1+ head and neck cancer.
BNT116 is being evaluated in a Phase 1 clinical trial. It is designed to elicit an immune response to six tumor-associated antigens that cover up to 100% of patients in all major histologic subtypes of non-small cell lung cancer.
Individualized neoantigen specific immunotherapy (iNeST)
BioNTech's individualized cancer immunotherapy approach (iNeST) is also based on a pharmacologically optimized uridine mRNA (uRNA) backbone delivered in the Company’s proprietary RNA-LPX formulation.
BioNTech’s lead iNeST product candidate, autogene cevumeran (BNT122), is being developed together with Genentech, Inc. (“Genentech”) as part of a co-development and co-commercialization collaboration.
Each patient is treated with a vaccine informed by the mutation profile of their personal cancer and manufactured on-demand. The RNA encodes a unique composition of the patient’s own tumor mutations and results in generation of neoantigen specific CD4+ and CD8+ T cell responses. BioNTech believes this modality is well-suited for use in early-stage cancers and the adjuvant setting.
RiboMabs
BioNTech’s RiboMab product candidates, BNT141 and BNT142, are based on mRNA and designed to encode cancer cell targeting antibodies. These product candidates leverage the Company’s proprietary optimized mRNA technology combining nucleoside modifications to minimize immunogenicity with modifications in the mRNA backbone with the aim of maximizing protein expression. RiboMabs may address the limitations of recombinant antibodies, including avoidance of protein manufacturing challenges and short plasma half-life.
BNT141 encodes an antibody targeting Claudin-18.2, expressed in high unmet medical need tumors, including multiple epithelial solid tumors, such as gastric, biliary and pancreatic cancers.
BNT142 encodes a bispecific T cell engaging antibody that targets CD3, a T cell receptor component, and CLDN6, an oncofetal cell surface antigen found in solid tumors such as testicular and ovarian cancers.
Cell therapies
CAR-T cell immunotherapy
BNT211, BioNTech’s first chimeric antigen receptor, or CAR-T cell product candidate, targets CLDN6-positive solid tumors in combination with a CAR-T cell-amplifying RNA vaccine, or CARVac, encoding CLDN6. CARVac is also based on a pharmacologically optimized uridine mRNA (uRNA) backbone delivered in the Company’s proprietary RNA-LPX formulation. CLDN-6 CAR-T cells are equipped with a second-generation CAR of high sensitivity and specificity for the tumor-specific carcino-embryonic antigen CLDN6. CARVac drives in vivo expansion of transferred CAR-T cells, aiming to increase their persistence and efficacy. BNT211 is designed to overcome CAR-T cell therapy limitations in patients with solid tumors.
Antibodies
Next generation immunomodulators
In August 2022, BioNTech announced the expansion of its global strategic collaboration with Genmab A/S (“Genmab”) for the joint development of BNT313 (GEN1053), a CD27 antibody, applying Genmab's proprietary HexaBody® technology. Under this 50/50 collaboration, the development costs and potential future profits for BNT313 will be shared equally.
Corporate Updates
A key component of BioNTech’s corporate strategy is strengthening the Company’s technology platforms, digital capabilities and infrastructure through select strategic partnerships and acquisitions. In April 2022, BioNTech was granted a pandemic preparedness contract by the Federal Republic of Germany and the Company entered into an exclusive research collaboration with Matinas BioPharma Holdings, Inc. (“Matinas BioPharma”).
BioNTech also provides an update on key Supervisory Board developments and the status of the return of capital to shareholders
In light of the potential energy supply issues in Europe, BioNTech is evaluating its ongoing mitigation efforts to ensure business continuity.
Environmental, Social, and Governance (ESG)
The rating agency ISS ESG, part of the Institutional Shareholder Services group (ISS) reiterated BioNTech's “Prime” ESG rating. BioNTech improved its rating from "C+" to "B-" compared to the previous year and remains in the top 10% of the biopharmaceutical industry, according to the ISS ESG Rating.
Conference Call and Webcast Information
BioNTech invites investors and the general public to join a conference call and webcast with investment analysts on the same day at 8.00 a.m. EDT (2.00 p.m. CEST) to report its financial results and provide a corporate update for the second quarter of 2022.
To access the live conference call via telephone, please register via this link. Once registered, dial-in numbers and a pin number will be provided. It is recommended to register at least a day in advance.
The slide presentation and audio of the webcast will be available via this link.
Participants may also access the slides and the webcast of the conference call via the “Events & Presentations” page of the Investor Relations section of the Company’s website at https://biontech.de/. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company’s website for 30 days following the call.
About BioNTech
Biopharmaceutical New Technologies (BioNTech) is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. Its broad portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies, innovative chimeric antigen receptor T cells, bispecific immune checkpoint modulators, targeted cancer antibodies and small molecules. Based on its deep expertise in mRNA vaccine development and in-house manufacturing capabilities, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Genentech, a member of the Roche Group, Regeneron, Genevant, Fosun Pharma and Pfizer.
For more information, please visit www.BioNTech.de
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: BioNTech's expected revenues and net profit related to sales of BioNTech's COVID-19 vaccine, referred to as COMIRNATY® where approved for use under full or conditional marketing authorization, in territories controlled by BioNTech's collaboration partners, particularly for those figures that are derived from preliminary estimates provided by BioNTech's partners; BioNTech's pricing and coverage negotiations with governmental authorities, private health insurers and other third-party payors after BioNTech's initial sales to national governments; the future commercial demand and medical need for initial or booster doses of a COVID-19 vaccine; competition from other COVID-19 vaccines or related to BioNTech's other product candidates, including those with different mechanisms of action and different manufacturing and distribution constraints, on the basis of, among other things, efficacy, cost, convenience of storage and distribution, breadth of approved use, side-effect profile and durability of immune response; the rate and degree of market acceptance of BioNTech's COVID-19 vaccine and, if approved, BioNTech's investigational medicines; the initiation, timing, progress, results, and cost of BioNTech's research and development programs, including those relating to additional formulations of BioNTech's COVID-19 vaccine, and BioNTech's current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and BioNTech's research and development programs; the timing of and BioNTech's ability to obtain and maintain regulatory approval for BioNTech's product candidates; the ability of BNT162b2 to prevent COVID-19 caused by emerging virus variants; BioNTech's and its counterparties ability to manage and source necessary energy resources; BioNTech's ability to identify research opportunities and discover and develop investigational medicines; the ability and willingness of BioNTech's third-party collaborators to continue research and development activities relating to BioNTech's development candidates and investigational medicines; the impact of the COVID-19 pandemic on BioNTech's development programs, supply chain, collaborators and financial performance; unforeseen safety issues and claims for personal injury or death arising from the use of BioNTech's COVID-19 vaccine and other products and product candidates developed or manufactured by us; BioNTech's ability to progress BioNTech's Malaria, Tuberculosis and HIV programs, including timing for selecting clinical candidates for these programs and the commencement of a clinical trial, as well as any data readouts; the development of sustainable vaccine production and supply solutions on the African continent, including its BioNTainers, and the nature and feasibility of these solutions; BioNTech's estimates of vaccine revenues, and projections of estimated research and development expenses, selling, general and administrative expenses, capital expenditures, and income taxes; BioNTech's ability and that of BioNTech's collaborators to commercialize and market BioNTech's product candidates, if approved, including BioNTech's COVID-19 vaccine; BioNTech's ability to manage BioNTech's development and expansion; regulatory developments in the United States and foreign countries; BioNTech's ability to effectively scale BioNTech's production capabilities and manufacture BioNTech's products, including BioNTech's target COVID-19 vaccine production levels, and BioNTech's product candidates; and other factors not known to BioNTech at this time. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond BioNTech’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. You should review the risks and uncertainties described under the heading “Risk Factors” in BioNTech's quarterly report on Form 6-K for the quarter ended June 30, 2022 and in subsequent filings made by BioNTech with the SEC, which are available on the SEC’s website at https://www.sec.gov/. Except as required by law, BioNTech disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on BioNTech’s current expectations and speak only as of the date hereof.
CONTACTS
Investor Relations
Sylke Maas, Ph.D.
VP Investor Relations & Strategy
Tel: +49 (0)6131 9084 1074
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Media Relations
Jasmina Alatovic
VP Corporate Communications
Tel: +49 (0)6131 9084 1513
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Interim Condensed Consolidated Statements of Profit or Loss
Three months ended June 30, | Six months ended June 30, | |||
2022 | 2021 | 2022 | 2021 | |
(in millions, except per share data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
Revenues | ||||
Commercial revenues | €3,166.3 | €5,280.5 | €9,528.5 | €7,3 08.0 |
Research & development revenues | 30.2 | 28.0 | 42.6 | 48.9 |
Total revenues | €3,196.5 | €5,308.5 | €9,571.1 | €7,356.9 |
Cost of sales | (764.6) | (883.8) | (2,058.7) | (1,116.9) |
Research and development expenses | (399.6) | (201.1) | (685.4) | (417.3) |
Sales and marketing expenses | (17.8) | (13.3) | (32.1) | (22.0) |
General and administrative expenses | (130.0) | (47.8) | (220.8) | (86.7) |
Other operating expenses | (240.7) | (0.3) | (309.5) | (0.9) |
Other operating income | 565.8 | 36.2 | 697.7 | 147.5 |
Operating income | €2,209.6 | €4,198.4 | €6,962.3 | €5,860.6 |
Finance income | 115.5 | 0.3 | 387.6 | 24.8 |
Finance expenses | (5.8) | (175.9) | (12.5) | (220.3) |
Profit before tax | €2,319.3 | €4,022.8 | €7,337.4 | €5,665.1 |
Income taxes | (647.3) | (1,235.6) | (1,966.6) | (1,749.8) |
Profit for the period | €1,672.0 | €2,787.2 | €5,370.8 | €3,915.3 |
Earnings per share | ||||
Basic profit for the period per share | €6.86 | €11.42 | €22.00 | €16.07 |
Diluted profit for the period per share | €6.45 | €10.77 | €20.69 | €15.14 |
Interim Condensed Consolidated Statements of Financial Position
June 30, | December 31, | |||
(in millions) | 2022 | 2021 | ||
Assets | (unaudited) | |||
Non-current assets | ||||
Intangible assets | €221.4 | €202.4 | ||
Property, plant and equipment | 420.4 | 322.5 | ||
Right-of-use assets | 243.7 | 197.9 | ||
Other financial assets | 51.5 | 21.3 | ||
Other assets | 0.9 | 0.8 | ||
Deferred expenses | 9.4 | 13.6 | ||
Total non-current assets | €947.3 | €758.5 | ||
Current assets | ||||
Inventories | 367.7 | 502.5 | ||
Trade and other receivables | 10,382.9 | 12,381.7 | ||
Other financial assets | 0.1 | 381.6 | ||
Other assets | 46.6 | 64.9 | ||
Income tax assets | 0.4 | 0.4 | ||
Deferred expenses | 75.6 | 48.5 | ||
Cash and cash equivalents | 9,334.8 | 1,692.7 | ||
Total current assets | €20,208.1 | €15,072.3 | ||
Total assets | €21,155.4 | €15,830.8 | ||
Equity and liabilities | ||||
Equity | ||||
Share capital | 248.6 | 246.3 | ||
Capital reserve | 1,689.8 | 1,674.4 | ||
Treasury shares | (5.9) | (3.8) | ||
Retained earnings | 14,769.4 | 9,882.9 | ||
Other reserves | 128.8 | 93.9 | ||
Total equity | €16,830.7 | €11,893.7 | ||
Non-current liabilities | ||||
Loans and borrowings | 206.6 | 171.6 | ||
Other financial liabilities | 6.1 | 6.1 | ||
Income tax liabilities | 6.8 | 4.4 | ||
Provisions | 7.3 | 184.9 | ||
Contract liabilities | 55.9 | 9.0 | ||
Other liabilities | 17.9 | 12.8 | ||
Deferred tax liabilities | 100.4 | 66.7 | ||
Total non-current liabilities | €401.0 | €455.5 | ||
Current liabilities | ||||
Loans and borrowings | 32.3 | 129.9 | ||
Trade payables | 291.1 | 160.0 | ||
Other financial liabilities | 807.3 | 1,190.4 | ||
Government grants | 3.0 | 3.0 | ||
Refund liabilities | — | 90.0 | ||
Income tax liabilities | 1,417.9 | 1,568.9 | ||
Provisions | 596.2 | 110.2 | ||
Contract liabilities | 656.3 | 186.1 | ||
Other liabilities | 119.6 | 43.1 | ||
Total current liabilities | €3,923.7 | €3,481.6 | ||
Total liabilities | €4,324.7 | €3,937.1 | ||
Total equity and liabilities | €21,155.4 | €15,830.8 |
Interim Condensed Consolidated Statements of Cash Flows
Three months ended June 30, | Six months ended June, 30 | ||||
2022 | 2021 | 2022 | 2021 | ||
(in millions) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Operating activities | |||||
Profit for the period | €1,672.0 | €2,787.2 | €5,370.8 | €3,915.3 | |
Income taxes | 647.3 | 1,235.6 | 1,966.6 | 1,749.8 | |
Profit before tax | €2,319.3 | €4,022.8 | €7,337.4 | €5,665.1 | |
Adjustments to reconcile profit before tax to net cash flows: | |||||
Depreciation and amortization of property, plant, equipment, intangible assets and right-of-use assets | 33.2 | 16.4 | 60.8 | 29.4 | |
Share-based payment expense | 12.6 | 22.0 | 22.0 | 39.3 | |
Net foreign exchange differences | (344.6) | (70.1) | (338.5) | (101.3) | |
Gain on disposal of property, plant and equipment | 0.2 | 0.2 | 0.2 | 0.4 | |
Finance income | (1.5) | (0.3) | (218.8) | (0.6) | |
Finance expense | 5.8 | 175.6 | 12.5 | 220.3 | |
Movements in government grants | — | (20.9) | — | (88.8) | |
Net loss on derivative instruments at fair value through profit or loss | 86.5 | — | 84.6 | — | |
Working capital adjustments: | |||||
Decrease / (increase) in trade and other receivables, contract assets and other assets | 3,174.8 | (4,651.0) | 2,771.3 | (6,751.5) | |
Decrease / (increase) in inventories | 91.6 | (158.5) | 134.8 | (241.3) | |
(Decrease) / increase in trade payables, other financial liabilities, other liabilities, contract liabilities, refund liabilities and provisions | (663.1) | 565.5 | 194.4 | 821.0 | |
Interest received | 1.5 | 0.3 | 2.2 | 0.6 | |
Interest paid | (5.8) | (2.1) | (12.2) | (3.9) | |
Income tax paid | (791.4) | (0.2) | (2,081.4) | (0.3) | |
Net cash flows from / (used in) operating activities | €3,919.1 | €(100.3) | €7,969.3 | €(411.6) | |
Investing activities | |||||
Purchase of property, plant and equipment | (70.6) | (25.9) | (114.7) | (47.6) | |
Proceeds from sale of property, plant and equipment | — | 0.3 | — | 1.2 | |
Purchase of intangible assets and right-of-use assets | (4.8) | (4.2) | (21.5) | (11.7) | |
Purchase of financial instruments | (3.0) | — | (30.0) | — | |
Proceeds from maturity of other financial assets | — | — | 375.2 | — | |
Net cash flows from / (used in) investing activities | €(78.4) | €(29.8) | €209.0 | €(58.1) | |
Financing activities | |||||
Proceeds from issuance of share capital and treasury shares, net of costs | — | 160.9 | 110.5 | 160.9 | |
Proceeds from loans and borrowings | 0.2 | — | 0.2 | — | |
Repayment of loans and borrowings | — | (0.7) | (18.8) | (1.4) | |
Payments related to lease liabilities | (10.5) | (7.3) | (21.9) | (11.1) | |
Share repurchase program | (286.9) | — | (286.9) | — | |
Dividends | (484.3) | — | (484.3) | — | |
Net cash flows from / (used in) financing activities | €(781.5) | €152.9 | €(701.2) | €148.4 | |
Net increase / (decrease) in cash and cash equivalents | 3,059.2 | 22.8 | 7,477.1 | (321.3) | |
Change in cash and cash equivalents resulting from exchange rate differences | 111.5 | (0.2) | 165.0 | 25.2 | |
Cash and cash equivalents at the beginning of the period | 6,164.1 | 891.5 | 1,692.7 | 1,210.2 | |
Cash and cash equivalents at June 30 | €9,334.8 | €914.1 | €9,334.8 | €914.1 |
Last Trade: | US$89.94 |
Daily Change: | -0.21 -0.23 |
Daily Volume: | 628,311 |
Market Cap: | US$21.390B |
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