Corona vaccine has high costs: Curevac doubles losses

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It’s expensive to develop a corona vaccine in record time. Curevac is clearly feeling this. The fact that the Tübingen company is still in good financial shape is thanks to an investment from Great Britain.
The German biotech provider Curevac, which is working on a corona vaccine, is still in the red. The Tübingen-based company doubled its loss in the third quarter mainly because of the increase in research and development costs for its vaccine “CVnCoV”. The net loss was 36.8 million euros (previous year’s quarter: 18.4 million euros). The loss per share was 19 cents.

CureVac 79,62

As of September 30, the total net loss was 71 million euros, as the company announced. In the same period of 2019, this was 63.9 million euros. Curevac had posted a loss of almost 100 million euros on sales of around 17.5 million euros over the past year.

The turnover up to September 30th amounted to 42.8 million euros. This corresponds to an increase of 32.2 million euros compared to the same period in 2019. Curevac attributed this to the strategic cooperation agreement with the British pharmaceutical company Glaxosmithkline. The latter invested 150 million euros in Curevac. In addition, Curevac received an advance payment of 120 million euros.

Curevac is therefore well equipped financially. The company’s cash and cash equivalents rose from EUR 30.7 million as of December 31, 2019 to EUR 892.4 million as of September 30, 2020. The company is one of several hopes worldwide in the search for a vaccine against the coronavirus. The global, approval-relevant phase 2b / 3 study will start shortly.



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