Shareholders Back BioNTech's Cancer Makeover, but ASCO Data and June 30 Update Will Test the Story

BioNTech shares fell 2.2% to €76.95 after 92% of capital backed the oncology pivot, as Q1 revenue slumped and market awaits ASCO Phase 2 data on Pumitamig.

BioNTech won near-unanimous support from its owners at the annual general meeting on 15 May, with 92% of capital represented and all resolutions passed. The vote of confidence in the board’s strategic overhaul came as no surprise—what did raise eyebrows was the stock’s reaction. Shares closed the session at €76.95, shedding 2.22% on the day and falling 8.01% over the past month.

The disconnect underscores the market’s impatience with a transformation that has yet to deliver a new revenue engine. BioNTech is burning through cash to build an oncology powerhouse, but the numbers still tell a tale of two businesses. In the first quarter of 2026, revenue slumped to €118.1 million from €182.8 million a year earlier, driven by dwindling demand for its Covid-19 vaccine. For the full year, management reiterated its non-IFRS revenue guidance of between €2.0 billion and €2.3 billion. Contrast that with 2024, when the group booked €2.75 billion in sales but posted a net loss of €665 million, weighed down by heavy investment in the mRNA-based cancer pipeline and restructuring costs at its Gaithersburg, Maryland site.

Yet BioNTech’s balance sheet remains a formidable asset. As of 31 March, cash, cash equivalents and securities stood at €16.8 billion, giving it ample runway to fund the next phase of growth. The company plans to spend between €2.2 billion and €2.5 billion on adjusted R&D this year, a figure that outstrips its revenue outlook and highlights the sheer scale of the bet.

The most immediate catalyst is the ASCO annual meeting running from 29 May to 2 June, where BioNTech will unveil Phase 2 data on Pumitamig, a bispecific antibody that is a priority pipeline asset. In partnership with Bristol Myers Squibb, the company is preparing five new pivotal studies for the drug—a sign of how aggressively it is pushing toward clinical breadth. In total, six late-stage datasets are expected across immuno-modulators, antibody-drug conjugates and mRNA-based cancer therapies in 2026.

Wall Street remains cautiously constructive. Berenberg trimmed its price target from $155 to $140 earlier this month but kept a “Buy” rating, acknowledging the Covid headwinds while betting on the pipeline. Wells Fargo also holds at “Buy” with a $140 target, and the consensus from 18 analysts sits at $130.60—well above the US closing price of $89.55. The gap reflects the option value embedded in the oncology programme, but also the risk that clinical readouts disappoint.

BioNTech has also authorised a $1.0 billion share buyback, a signal of confidence that the board sees current levels as undervalued. Investors will get two key checkpoints in the coming weeks: a quarterly communication on 30 June, and the full second-quarter results on 4 August. Between now and then, the ASCO data will be the first real test of whether the oncology story can start closing the valuation gap.