MAINZ, Germany, November 4, 2024 (GLOBE NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) today reported financial results for the three and nine months ended September 30, 2024 and provided an update on its corporate progress.
“BioNTech’s achievements during the period were the successful launch of our variant-adapted COVID-19 vaccines and the progress across our oncology pipeline. In particular, we initiated later-stage trials and shared important updates for our PD-L1 x VEGF-A bispecific antibody candidate BNT327/PM8002 and for our mRNA cancer vaccine portfolio. These successes reinforce the potential of our multi-platform technology approach and inform our strategy to pursue novel proprietary combinations,” said Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech. “We remain focused on advancing our late-stage oncology product candidates towards potential registration. We believe our pipeline and capabilities uniquely position us to execute on our vision of becoming a global multiproduct immunotherapy company.”
Financial Review for Third Quarter and Nine Months of 2024
in millions €, except per share data | Third Quarter 2024 | Third Quarter 2023 | Nine Months 2024 | Nine Months 2023 | ||||||||
Revenues | 1,244.8 | 895.3 | 1,561.1 | 2,340.0 | ||||||||
Net profit / (loss) | 198.1 | 160.6 | (924.8) | 472.4 | ||||||||
Diluted earnings / (loss) per share | 0.81 | 0.66 | (3.83) | 1.94 |
Revenues reported were €1,244.8 million for the three months ended September 30, 2024, compared to €895.3 million for the comparative prior year period. For the nine months ended September 30, 2024, revenues were €1,561.1 million, compared to €2,340.0 million for the comparative prior year period. The higher revenues in the third quarter of 2024 as compared to the comparative prior year period can be largely attributed to the earlier approvals received for its variant-adapted COVID-19 vaccines as compared to last year.
Cost of sales were €178.9 million for the three months ended September 30, 2024, compared to €161.8 million for the comparative prior year period. For the nine months ended September 30, 2024, cost of sales were €297.8 million, compared to €420.7 million for the comparative prior year period.
Research and development (“R&D”) expenses were €550.3 million for the three months ended September 30, 2024, compared to €497.9 million for the comparative prior year period. For the nine months ended September 30, 2024, R&D expenses were €1,642.4 million, compared to €1,205.3 million for the comparative prior year period. R&D expenses were mainly influenced by progressing clinical studies for the Company’s late-stage oncology pipeline candidates.
Sales, general and administrative (“SG&A”) expenses2, in total, amounted to €150.5 million for the three months ended September 30, 2024, compared to €153.5 million for the comparative prior year period. For the nine months ended September 30, 2024, SG&A expenses were €466.9 million, compared to €415.4 million for the comparative prior year period. SG&A expenses were mainly influenced by personnel expenses.
Other operating result amounted to negative €354.6 million during the three months ended September 30, 2024, compared to negative €9.0 million for the comparative prior year period. For the nine months ended September 30, 2024, other operating result amounted to negative €616.9 million compared to negative €134.4 million for the prior year period. Other operating result was primarily influenced by provisions for contractual disputes.
Income taxes were realized with an amount of €39.4 million in tax income for the three months ended September 30, 2024, compared to €66.8 million in accrued tax expenses for the comparative prior year period. For the nine months ended September 30, 2024, income taxes were realized with an amount of €54.1 million in tax income for the nine months ended September 30, 2024, compared to €50.5 million of accrued tax expenses for the comparative prior year period.
Net profit was €198.1 million for the three months ended September 30, 2024, compared to €160.6 million net profit for the comparative prior year period. For the nine months ended September 30, 2024, net loss was €924.8 million, compared to a net profit of €472.4 million for the comparative prior year period.
Cash and cash equivalents plus security investments as of September 30, 2024, reached €17,839.8 million, comprising €9,624.6 million in cash and cash equivalents, €7,078.0 million in current security investments and €1,137.2 million in non-current security investments.
Diluted earnings per share was €0.81 for the three months ended September 30, 2024, compared to €0.66 for the comparative prior year period. For the nine months ended September 30, 2024, loss per share was €3.83, compared to diluted earnings per share of €1.94 for the comparative prior year period.
Shares outstanding as of September 30, 2024, were 239,739,752, excluding 8,812,448 shares held in treasury.
“We successfully launched our variant-adapted COVID-19 vaccines upon receipt of earlier approvals as compared to last year. This drove our strong revenues in the third quarter,” said Jens Holstein, CFO of BioNTech. “Our cost discipline in combination with our financial position allow us to continue to focus on those assets that we believe offer a fast path to market and the highest potential to generate value for patients and shareholders.”
2024 Financial Year Guidance3
The Company expects its revenues for the full 2024 financial year to be at the low end of the guidance range provided in its outlook:
Total revenues for the 2024 financial year | low end of €2.5 billion - €3.1 billion |
The range reflects certain assumptions and expectations, including, but not limited to: COVID-19 vaccine uptake and price levels, including seasonal variations; inventory write-downs and other charges by BioNTech’s collaboration partner Pfizer Inc. (“Pfizer”) that negatively influence BioNTech’s revenues; anticipated revenues from a pandemic preparedness contract with the German government; and revenues from the BioNTech Group service businesses, namely InstaDeep Ltd (“InstaDeep”), JPT Peptide Technologies GmbH, and BioNTech Innovative Manufacturing Services GmbH. Generally, the Company continues to remain largely dependent on revenues generated in its collaboration partner’s territories in 2024.
2024 Financial Year Expenses and Capex
The Company has reduced its previous guidance for expected SG&A expenses and capital expenditures for operating activities for the 2024 financial year:
Guidance March 2024 | Guidance November 2024 | ||||
R&D expenses4 | €2,400 million - €2,600 million | €2,400 million - €2,600 million | |||
SG&A expenses | €700 million - €800 million | €600 million - €700 million | |||
Capital expenditures for operating activities | €400 million - €500 million | €300 million - €400 million |
The full interim unaudited condensed consolidated financial statements can be found in BioNTech’s Report on Form 6-K for the period ended September 30, 2024, filed today with the United States Securities and Exchange Commission (“SEC”) and available at https://www.sec.gov/.
Endnotes
1Calculated applying the average foreign exchange rate for the nine months ended September 30, 2024, as published by the German Central Bank (Deutsche Bundesbank).
2 SG&A expenses include sales and marketing expenses as well as general and administrative expenses.
3Guidance excludes external risks that are not yet known and/or quantifiable. It does not include potential payments resulting from the outcomes of ongoing and/or future legal disputes or related activity, such as judgements or settlements, or other extraordinary items, all of which may have a material effect on the Company’s results of operations and/or cash flows. BioNTech continues to expect to report a loss for the 2024 financial year.
4 Guidance for R&D expenses reflects the expected impact of collaborations and potential M&A transactions, in each case to the extent disclosed, and which are subject to change based on future developments. Guidance does not otherwise reflect M&A, collaboration or licensing transactions that the Company may enter into in the future.
Operational Review of the Third Quarter 2024, Key Post Period-End Events and Outlook
Variant-adapted COVID-19 Vaccines
In the third quarter of 2024, BioNTech and Pfizer executed the commercial launch of their variant-adapted COVID-19 vaccines for the 2024/2025 vaccination season.
COVID-19 – Influenza Combination Vaccine Program
An mRNA-based combination vaccine candidate (BNT162b2 + BNT161) against COVID-19 and influenza is in development in collaboration with Pfizer.
Select Oncology Pipeline Updates
Next-Generation Immune Checkpoint Immunomodulator Programs
BNT327/PM8002 is a bispecific antibody candidate combining Programmed Cell Death Ligand-1 (“PD-L1”) checkpoint inhibition with Vascular Endothelial Growth Factor A (“VEGF-A”) neutralization and is being developed in collaboration with Biotheus Inc. (“Biotheus”).
BNT316/ONC-392 (gotistobart) is an anti-cytotoxic T-lymphocyte Associated Protein 4 (“CTLA-4”) monoclonal antibody candidate being developed in collaboration with OncoC4, Inc. (“OncoC4”).
mRNA Cancer Vaccine Programs
BNT111, BNT113 and autogene cevumeran (BNT122/RO7198457) are investigational vaccines for the treatment of cancer based on BioNTech’s systemically administered uridine mRNA-lipoplex technology.
BNT111 is based on BioNTech’s wholly owned, off-the-shelf FixVac platform, and encodes shared melanoma associated antigens.
BNT113 is based on BioNTech’s FixVac platform encoding Human Papilloma Virus 16 (“HPV16”) antigens.
Autogene cevumeran (BNT122/RO7198457) is an mRNA cancer vaccine candidate for individualized neoantigen-specific immunotherapy (“iNeST”) being developed in collaboration with Genentech, Inc. (“Genentech”), a member of the Roche Group (“Roche”).
ADC Programs
BNT323/DB-1303 (trastuzumab pamirtecan) is an ADC candidate targeting Human Epidermal Growth Factor 2 (“HER2”) that is being developed in collaboration with Duality Biologics (Suzhou) Co. Ltd. (“DualityBio”).
BNT324/DB-1311 is an ADC candidate targeting B7H3 that is being developed in collaboration with DualityBio.
BNT326/YL202 is an ADC candidate targeting Human Epidermal Growth Factor 3 (“HER3”) that is being developed in collaboration with MediLink Therapeutics (Suzhou) Co., Ltd. (“MediLink”).
Cell Therapy Programs
BNT211 consists of a chimeric antigen receptor (“CAR”)-T cell product candidate targeting Claudin-6 (“CLDN6”)-positive solid tumors in combination with a CAR-T cell-amplifying RNA vaccine (“CARVac”) encoding CLDN6.
Corporate Update for the Third Quarter 2024 and Key Post Period-End Events
Upcoming Investor and Analyst Events
Conference Call and Webcast Information
BioNTech invites investors and the general public to join a conference call and webcast with investment analysts today, November 4, 2024, at 8:00 a.m. EST (2:00 p.m. CET) to report its financial results and provide a corporate update for the third quarter of 2024.
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.
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 Investors' section of the Company’s website at www.BioNTech.com. 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 global next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. BioNTech 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 (CAR) T cells, several protein-based therapeutics, including bispecific immune checkpoint modulators, targeted cancer antibodies and antibody-drug conjugate (ADC) therapeutics, as well as 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 and specialized pharmaceutical collaborators, including Biotheus, DualityBio, Fosun Pharma, Genentech, a member of the Roche Group, Genevant, Genmab, MediLink, OncoC4, Pfizer and Regeneron.
For more information, please visit www.BioNTech.com.
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 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; the rate and degree of market acceptance of BioNTech’s COVID-19 vaccine and, if approved, BioNTech’s investigational medicines; expectations regarding anticipated changes in COVID-19 vaccine demand, including changes to the ordering environment and expected regulatory recommendations to adapt vaccines to address new variants or sublineages; the initiation, timing, progress, results, and cost of BioNTech’s research and development programs, including BioNTech’s current and future preclinical studies and clinical trials, including statements regarding the expected timing of initiation, enrollment, and completion of studies or trials and related preparatory work and the availability of results, and the timing and outcome of applications for regulatory approvals and marketing authorizations; BioNTech’s expectations regarding potential future commercialization in oncology, including goals regarding timing and indications; the targeted timing and number of additional potentially registrational trials, and the registrational potential of any trial BioNTech may initiate; discussions with regulatory agencies; BioNTech’s expectations with respect to intellectual property; the impact of BioNTech’s collaboration and licensing agreements; the development, nature and feasibility of sustainable vaccine production and supply solutions; the deployment of AI across BioNTech’s preclinical and clinical operations; BioNTech’s estimates of revenues, research and development expenses, selling, general and administrative expenses and capital expenditures for operating activities; and BioNTech’s expectations of net profit / (loss). 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 based on BioNTech’s current expectations and beliefs of future events, and are neither promises nor guarantees. 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 and adversely from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, projected data release timelines, regulatory submission dates, regulatory approval dates and/or launch dates, as well as risks associated with preclinical and clinical data, including the data discussed in this release, and including the possibility of unfavorable new preclinical, clinical or safety data and further analyses of existing preclinical, clinical or safety data; the nature of the clinical data, which is subject to ongoing peer review, regulatory review and market interpretation; BioNTech’s pricing and coverage negotiations regarding its COVID-19 vaccine with governmental authorities, private health insurers and other third-party payors; 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 timing of and BioNTech’s ability to obtain and maintain regulatory approval for its product candidates; the ability of BioNTech’s COVID-19 vaccines 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 COVID-19 on BioNTech’s development programs, supply chain, collaborators and financial performance; unforeseen safety issues and potential claims that are alleged to arise from the use of products and product candidates developed or manufactured by BioNTech; BioNTech’s and its collaborators’ ability to commercialize and market BioNTech’s COVID-19 vaccine and, if approved, its product candidates; BioNTech’s ability to manage its development and related expenses; regulatory developments in the United States and other countries; BioNTech’s ability to effectively scale its production capabilities and manufacture its products and product candidates; risks relating to the global financial system and markets; and other factors not known to BioNTech at this time. You should review the risks and uncertainties described under the heading “Risk Factors” in BioNTech’s Report on Form 6-K for the period ended September 30, 2024 and in subsequent filings made by BioNTech with the SEC, which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date hereof. 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.
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Interim Consolidated Statements of Profit or Loss
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(in millions €, except per share data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
Revenues | 1,244.8 | 895.3 | 1,561.1 | 2,340.0 | ||||||||
Cost of sales | (178.9) | (161.8) | (297.8) | (420.7) | ||||||||
Research and development expenses | (550.3) | (497.9) | (1,642.4) | (1,205.3) | ||||||||
Sales and marketing expenses | (18.1) | (14.4) | (46.6) | (44.7) | ||||||||
General and administrative expenses (1) | (132.4) | (139.1) | (420.3) | (370.7) | ||||||||
Other operating expenses (1) | (410.9) | (36.8) | (719.9) | (239.6) | ||||||||
Other operating income | 56.3 | 27.8 | 103.0 | 105.2 | ||||||||
Operating profit / (loss) | 10.5 | 73.1 | (1,462.9) | 164.2 | ||||||||
Finance income | 156.2 | 156.3 | 498.8 | 363.2 | ||||||||
Finance expenses | (8.0) | (2.0) | (14.8) | (4.5) | ||||||||
Profit / (Loss) before tax | 158.7 | 227.4 | (978.9) | 522.9 | ||||||||
Income taxes | 39.4 | (66.8) | 54.1 | (50.5) | ||||||||
Net profit / (loss) | 198.1 | 160.6 | (924.8) | 472.4 | ||||||||
Earnings / (Loss) per share | ||||||||||||
Basic earnings / (loss) per share | 0.82 | 0.67 | (3.83) | 1.96 | ||||||||
Diluted earnings / (loss) per share | 0.81 | 0.66 | (3.83) | 1.94 |
(1) Adjustments to prior-year figures due to change in functional allocation of general and administrative expenses and other operating expenses.
Interim Consolidated Statements of Financial Position
September 30, | December 31, | |||||
(in millions €) | 2024 | 2023 | ||||
Assets | (unaudited) | |||||
Non-current assets | ||||||
Goodwill | 374.0 | 362.5 | ||||
Other intangible assets | 873.9 | 804.1 | ||||
Property, plant and equipment | 917.4 | 757.2 | ||||
Right-of-use assets | 242.0 | 214.4 | ||||
Other financial assets | 1,332.2 | 1,176.1 | ||||
Other non-financial assets | 84.8 | 83.4 | ||||
Deferred tax assets | 90.7 | 81.3 | ||||
Total non-current assets | 3,915.0 | 3,479.0 | ||||
Current assets | ||||||
Inventories | 303.1 | 357.7 | ||||
Trade and other receivables | 988.0 | 2,155.7 | ||||
Other financial assets | 7,084.7 | 4,885.3 | ||||
Other non-financial assets | 275.8 | 285.8 | ||||
Income tax assets | 210.0 | 179.1 | ||||
Cash and cash equivalents | 9,624.6 | 11,663.7 | ||||
Total current assets | 18,486.2 | 19,527.3 | ||||
Total assets | 22,401.2 | 23,006.3 | ||||
Equity and liabilities | ||||||
Equity | ||||||
Share capital | 248.6 | 248.6 | ||||
Capital reserve | 1,373.0 | 1,229.4 | ||||
Treasury shares | (8.8) | (10.8) | ||||
Retained earnings | 18,838.5 | 19,763.3 | ||||
Other reserves | (1,336.8) | (984.6) | ||||
Total equity | 19,114.5 | 20,245.9 | ||||
Non-current liabilities | ||||||
Lease liabilities, loans and borrowings | 206.3 | 191.0 | ||||
Other financial liabilities | 44.3 | 38.8 | ||||
Provisions | 8.5 | 8.8 | ||||
Contract liabilities | 376.9 | 398.5 | ||||
Other non-financial liabilities | 90.4 | 13.1 | ||||
Deferred tax liabilities | 37.8 | 39.7 | ||||
Total non-current liabilities | 764.2 | 689.9 | ||||
Current liabilities | ||||||
Lease liabilities, loans and borrowings | 37.4 | 28.1 | ||||
Trade payables and other payables | 762.6 | 354.0 | ||||
Other financial liabilities | 241.6 | 415.2 | ||||
Income tax liabilities | 363.6 | 525.5 | ||||
Provisions | 731.5 | 269.3 | ||||
Contract liabilities | 236.0 | 353.3 | ||||
Other non-financial liabilities | 149.8 | 125.1 | ||||
Total current liabilities | 2,522.5 | 2,070.5 | ||||
Total liabilities | 3,286.7 | 2,760.4 | ||||
Total equity and liabilities | 22,401.2 | 23,006.3 |
Interim Consolidated Statements of Cash Flows
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(in millions €) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
Operating activities | ||||||||||||
Net profit / (loss) | 198.1 | 160.6 | (924.8) | 472.4 | ||||||||
Income taxes | (39.4) | 66.8 | (54.1) | 50.5 | ||||||||
Profit / (Loss) before tax | 158.7 | 227.4 | (978.9) | 522.9 | ||||||||
Adjustments to reconcile profit before tax to net cash flows: | ||||||||||||
Depreciation and amortization of property, plant, equipment, intangible assets and right-of-use assets | 44.4 | 41.3 | 132.6 | 104.6 | ||||||||
Share-based payment expenses | 40.9 | 15.5 | 77.4 | 37.2 | ||||||||
Net foreign exchange differences | (35.5) | (20.4) | (77.4) | (364.3) | ||||||||
(Gain) / Loss on disposal of property, plant and equipment | — | 3.3 | (0.2) | 3.6 | ||||||||
Finance income excluding foreign exchange differences | (156.2) | (148.5) | (498.8) | (357.4) | ||||||||
Finance expense excluding foreign exchange differences | 5.3 | 2.0 | 14.8 | 4.5 | ||||||||
Government grants | (14.6) | — | (26.8) | (3.0) | ||||||||
Unrealized (gain) / loss on derivative instruments at fair value through profit or loss(1) | (6.0) | (3.5) | 0.7 | 196.7 | ||||||||
Working capital adjustments: | ||||||||||||
Decrease / (Increase) in trade and other receivables, contract assets and other assets(1) | (830.2) | 631.2 | 1,267.6 | 5,662.0 | ||||||||
Decrease in inventories | 37.0 | 33.2 | 54.6 | 23.9 | ||||||||
(Decrease) / Increase in trade payables, other financial liabilities, other liabilities, contract liabilities, refund liabilities and provisions | 117.9 | (25.0) | 590.7 | (293.9) | ||||||||
Interest received and realized gains from cash and cash equivalents | 73.1 | 70.3 | 353.3 | 166.4 | ||||||||
Interest paid and realized losses from cash and cash equivalents | (1.6) | (1.2) | (6.9) | (3.7) | ||||||||
Income tax received / (paid), net(1) | 1.6 | (10.2) | (190.8) | (417.8) | ||||||||
Share-based payments | (134.4) | (4.2) | (143.6) | (761.2) | ||||||||
Government grants received | 60.7 | — | 102.7 | — | ||||||||
Net cash flows from / (used in) operating activities | (638.9) | 811.2 | 671.0 | 4,520.5 | ||||||||
Investing activities | ||||||||||||
Purchase of property, plant and equipment | (72.8) | (53.2) | (219.9) | (165.6) | ||||||||
Proceeds from sale of property, plant and equipment | 0.3 | (0.8) | 0.5 | (0.8) | ||||||||
Purchase of intangible assets and right-of-use assets | (10.2) | (97.2) | (141.3) | (348.9) | ||||||||
Acquisition of subsidiaries and businesses, net of cash acquired | — | (336.9) | — | (336.9) | ||||||||
Investment in other financial assets(1) | (2,958.2) | (1,047.1) | (10,301.5) | (3,710.2) | ||||||||
Proceeds from maturity of other financial assets(1) | 2,898.8 | 303.0 | 7,974.3 | 303.0 | ||||||||
Net cash flows used in investing activities | (142.1) | (1,232.2) | (2,687.9) | (4,259.4) | ||||||||
Financing activities | ||||||||||||
Proceeds from loans and borrowings | — | 0.1 | — | 0.1 | ||||||||
Repayment of loans and borrowings | — | (0.1) | (2.3) | (0.1) | ||||||||
Payments related to lease liabilities | (7.9) | (9.3) | (36.3) | (28.0) | ||||||||
Share repurchase program | — | (301.7) | — | (737.7) | ||||||||
Net cash flows used in financing activities | (7.9) | (311.0) | (38.6) | (765.7) | ||||||||
Net decrease in cash and cash equivalents | (788.9) | (732.0) | (2,055.5) | (504.6) | ||||||||
Change in cash and cash equivalents resulting from exchange rate differences | (2.3) | 61.2 | 1.2 | 125.3 | ||||||||
Change in cash and cash equivalents resulting from other valuation effects | 39.1 | — | 15.2 | — | ||||||||
Cash and cash equivalents at the beginning of the period | 10,376.7 | 14,166.6 | 11,663.7 | 13,875.1 | ||||||||
Cash and cash equivalents as of September 30 | 9,624.6 | 13,495.8 | 9,624.6 | 13,495.8 |
(1) Adjustments to prior-year figures relate to reclassifications within the cash flows from operating and investing activities, respectively.
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