BioNTech Faces a Tight Spot: Its Own ASCO Data and a Rival’s Blockbuster Study on the Same Stage
Published on 05/16/2026 at 12:32 | Redaktion boerse-global.de
BioNTech’s transformation from a pandemic-era vaccine champion into a full-fledged oncology powerhouse is approaching its most public test yet. On 31 May, the company will unveil Phase 2 results for its flagship bispecific antibody pumitamig at the American Society of Clinical Oncology (ASCO) conference in a head-to-head lung cancer trial against the established standard, pembrolizumab. But the same day, a pair of partner companies – Akeso and Summit – are set to present survival data from a Phase 3 study of their competing drug ivonescimab, which targets the same mechanism. Strong numbers from that rival camp would ratchet up the pressure on BioNTech’s still-unproven oncology pipeline.
The high-stakes ASCO appearance comes just days after BioNTech’s virtual annual general meeting, where shareholders gave a decisive green light to the strategy shift. Ninety-two percent of the share capital was represented, and all agenda items passed comfortably. The most consequential move was expanding the supervisory board from six to eight seats. Two new members with deep oncology credentials – Professor Iris Löw-Friedrich and Susanne Schaffert, the latter bringing experience from Merck’s supervisory board – were elected. Helmut Jeggle retained his seat and was named chairman, while existing members Professor Anja Morawietz and Professor Rudolf Staudigl also secured renewed mandates.
Behind the boardroom refresh lies a financial structure tailored for a long, expensive R&D slog. Shareholders approved a new authorised capital for 2026, covering just under €130 million, and a control and profit-transfer agreement for BioNTech Discovery GmbH that allows the parent to offset subsidiary profits against its own losses. No dividend is planned; all retained earnings are being funnelled into research. The company ended March with a war chest of €16.8 billion in cash and securities, a cushion that analysts say buys years of clinical development runway even as revenue craters.
Should investors sell immediately? Or is it worth buying BioNTech?
The first quarter highlighted just how steep the transition is. Sales tumbled 35% year-on-year to €118 million, as COVID vaccine demand evaporated. Yet management surprised the market with the announcement of a share buyback programme worth up to $1 billion, a signal of confidence in the stock’s current value. The market, however, remains cool. BioNTech shares closed at €77.10 on Friday, down 2.03% on the day and roughly 11% below their 200-day moving average. The intraday low touched €76.95.
Analyst opinion is split but leans bullish. Berenberg trimmed its price target to $140 on 12 May but maintained a buy rating, calling the stock “strongly undervalued.” Of 19 analysts covering the stock, 15 rate it a strong buy and four a hold, with price targets ranging from $94 to $171. That wide spread underscores how much the valuation hinges on the clinical data stream ahead.
Operationally, the focus is now squarely on pumitamig, which CEO Ugur Sahin called the company’s flagship immunomodulator. The drug has shown activity across multiple tumour types, and the Phase 2 data at ASCO will mark the first major external read on whether BioNTech’s oncology thesis holds water. Beyond that, the company aims to file its first regulatory applications for pumitamig before year-end, targeting breast and lung cancer. With more than 25 Phase 2 and Phase 3 trials under way, and over 4,000 patients already enrolled, BioNTech is betting its €16.8 billion reserve will carry it through to a commercial oncology portfolio by 2030 – but the 31 May showdown at ASCO will be the earliest, loudest signal of whether that bet is paying off.
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