The company is still sitting on a gigantic war chest - a cash position of almost EUR18 billion - inherited from its Covid vaccine windfall.

As the latter is depleting at a rapid pace, BioNTech's research efforts are now focused on a wide range of oncology programs.

Adjusted for cash, current market capitalization assigns a value of around EUR5-EUR6 billion to this pipeline. Since our article last March, we have seen an upturn in its potential.

In the meantime, one of these programs - BNT327 - has delivered promising results. Despite this encouraging news, the analyst consensus remains cautious at this stage.

The year 2025 will be rich in developments, with between five and seven study results expected from programs in phase 1 and 2. The next phase 3 program - a potential treatment for a type of breast cancer - is scheduled for 2026.

The wait-and-see attitude is likely to continue, especially in a market where investors are losing interest in the biotech sector - in stark contrast to the speculative boom of the last decade.

BioNTech's goal of securing a first launch in oncology as early as 2026 seems ambitious in every respect. At the same time, its Covid franchise is melting like snow in the sun, with guidance revised to the low end of initial projections.

The company has put in place a savings program of EUR200 million a year, without touching its R&D for the time being. A series of disappointments in 2025 will undoubtedly be harshly punished by the market.