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    CVAC   NL0015436031

CUREVAC N.V.

(CVAC)
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CureVac Terminates Covid Vaccine Manufacturing Contract With Wacker Chemie, Celonic -- Update

09/14/2021 | 06:28am EDT

By Olivia Bugault

CureVac NV said Tuesday that it will terminate its mRNA coronavirus vaccine manufacturing contracts with German chemical company Wacker Chemie AG and biotech company Celonic as it will need less European production capacity than previously anticipated.

German biotech company CureVac trades down 3.7% pre-open at its main listing in the U.S., while Wacker Chemie German-listed shares are down 0.6%.

"The decision was made in response to the reduced short-term peak demand for vaccines following the first wave of the pandemic vaccination efforts and corresponding changes in the demand of its first-generation COVID-19 vaccine candidate, CVnCoV, currently under regulatory review with the European Medicines Agency," CureVac said.

Existing production and formulation deals with Rentschler Biopharma and Novartis AG remain in place despite the production adjustment, CureVac said.

In a separate release today, Wacker Chemie said the move won't have a significant impact on the earnings and sales of its biosolutions division this year. "And it does not change our medium-term targets for the Biosolutions division either," said Dr. Susanne Leonhartsberger, head of the unit.

In November last year, Wacker Chemie said it had signed a contract with CureVac for the production of more than 100 million doses of the vaccine annually at its site in Amsterdam. Production was supposed to begin in the first half of 2021.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

09-14-21 0828ET

Stocks mentioned in the article
ChangeLast1st jan.
CUREVAC N.V. 2.70% 55.0346 Delayed Quote.-33.90%
NOVARTIS AG -0.57% 76.63 Delayed Quote.-7.87%
WACKER CHEMIE AG 1.77% 154.9 Delayed Quote.30.36%
All news about CUREVAC N.V.
09/15Correction to CureVac 2nd Update Article on Sept. 14
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09/15CureVac Cancels mRNA Contracts For COVID-19 Jab
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09/14CUREVAC N : Contracts with manufacturing partners WACKER and Celonic terminated; Rentschle..
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09/14APPLE : U.S. stocks close lower on worries over recovery, corporate tax hikes
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09/14INTUIT : Wall Street dips as choppy recovery, looming tax hikes weigh on sentiment
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09/14CUREVAC N : Terminates Two Manufacturing Contracts Amid Streamlining of European mRNA Prod..
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09/14Health Care Stocks Rally Early Tuesday
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09/14CUREVAC N : Terminates 2 Manufacturing Contracts Amid Streamlining of European mRNA Produc..
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09/14CUREVAC N : Streamlines European Network for mRNA Product Manufacturing
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09/14CUREVAC N : Streamlines European Network for mRNA Product Manufacturing
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Analyst Recommendations on CUREVAC N.V.
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Financials
Sales 2021 147 M 172 M 172 M
Net income 2021 -325 M -381 M -381 M
Net cash 2021 1 446 M 1 696 M 1 696 M
P/E ratio 2021 -23,2x
Yield 2021 -
Capitalization 8 788 M 10 301 M 10 305 M
EV / Sales 2021 50,1x
EV / Sales 2022 0,77x
Nbr of Employees 505
Free-Float 48,7%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 45,72 €
Average target price 68,38 €
Spread / Average Target 49,6%
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Managers and Directors
Franz-Werner Haas Chief Executive Officer
Pierre Kemula Chief Financial Officer & Managing Director
Baron Jean StÚphenne Chairman-Supervisory Board
Mariola Fotin-Mleczek Chief Technology Officer
Igor Splawski Chief Scientific Officer
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