Document and Entity Information
Document and Entity Information (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | BioNTech SE | |
Entity Central Index Key | 0001776985 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Registration Statement | false | |
Document Shell Company Report | false | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 226,779,744 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Incorporation, State or Country Code | 2M | |
Entity File Number | 001-39081 | |
Entity Address, Address Line One | An der Goldgrube 12 | |
Entity Address, City or Town | Mainz | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | D-55131 | |
Document Accounting Standard | International Financial Reporting Standards | |
Business Contact | ||
Document Information [Line Items] | ||
Contact Personnel Name | Prof. Ugur Sahin, M.D. | |
Entity Address, Address Line One | An der Goldgrube 12 | |
Entity Address, City or Town | Mainz | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | D-55131 | |
City Area Code | +49 | |
Local Phone Number | 6131-9084-0 | |
Contact Personnel Email Address | info@biontech.de | |
American Depositary Shares, each Representing one ordinary share | ||
Document Information [Line Items] | ||
Trading Symbol | BNTX | |
Title of 12(b) Security | American Depositary Shares, each Representing one ordinary share | |
Security Exchange Name | NASDAQ | |
Ordinary shares, no par value, with national amount attributable to each ordinary share of €1 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary shares, no par value, with a notional amount attributable to each ordinary share of €1* | |
Security Exchange Name | NASDAQ | |
No Trading Symbol Flag | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | € 89,434 | € 88,042 |
Property, plant and equipment | 93,044 | 66,200 |
Right-of-use assets | 55,018 | 49,766 |
Other financial assets | 18 | |
Total non-current assets | 237,496 | 204,025 |
Current assets | ||
Inventories | 11,722 | 5,789 |
Trade receivables | 11,913 | 18,938 |
Other financial assets | 1,680 | 336 |
Other assets | 9,069 | 9,164 |
Income tax assets | 756 | 891 |
Deferred expense | 5,862 | 2,348 |
Cash and cash equivalents | 519,149 | 411,495 |
Total current assets | 560,151 | 448,961 |
Total assets | 797,647 | 652,986 |
Equity | ||
Share capital | 232,304 | 193,296 |
Capital reserve | 686,714 | 344,115 |
Treasury shares | (5,525) | |
Accumulated losses | (424,827) | (245,771) |
Other reserves | 4,826 | (25,487) |
Equity attributable to equity holders of the parent | 493,492 | 266,153 |
Non-controlling interest | 847 | |
Total equity | 493,492 | 267,000 |
Non-current liabilities | ||
Financial liabilities | 68,904 | 54,218 |
Contract liabilities | 97,109 | 205,647 |
Total non-current liabilities | 166,013 | 259,865 |
Current liabilities | ||
Tax provisions | 150 | 297 |
Provisions | 762 | 710 |
Financial liabilities | 1,823 | |
Trade payables | 20,498 | 41,721 |
Contract liabilities | 93,583 | 66,027 |
Other financial liabilities | 13,836 | 8,266 |
Other liabilities | 7,490 | 9,100 |
Total current liabilities | 138,142 | 126,121 |
Total liabilities | 304,155 | 385,986 |
Total equity and liabilities | € 797,647 | € 652,986 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) | Sep. 18, 2019 |
Statement Of Financial Position [Abstract] | |
Stock split ratio | 0.05556 |
Consolidated Statements of Oper
Consolidated Statements of Operations - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit Loss [Abstract] | |||
Revenues from contracts with customers | € 108,589 | € 127,575 | € 61,598 |
Cost of sales | (17,361) | (13,690) | (9,318) |
Gross profit | 91,228 | 113,885 | 52,280 |
Research and development expenses | (226,466) | (143,040) | (85,496) |
Sales and marketing expenses | (2,718) | (3,041) | (6,603) |
General and administrative expenses | (45,547) | (26,334) | (23,520) |
Other operating income | 2,724 | 5,396 | 2,349 |
Other operating expenses | (739) | (720) | (288) |
Operating loss | (181,518) | (53,854) | (61,277) |
Finance income | 4,122 | 8,046 | 2,133 |
Finance expenses | (326) | (48) | (26,007) |
Interest expense related to lease liability | (1,718) | (1,721) | (676) |
Share of loss of equity method investees | (84) | (78) | |
Loss before tax | (179,440) | (47,662) | (85,905) |
Income taxes | 268 | (600) | (45) |
Loss for the period | (179,172) | (48,262) | (85,950) |
Attributable to: | |||
Equity holders of the parent | (179,056) | (48,019) | (85,653) |
Non-controlling interests | € (116) | € (243) | € (297) |
Earnings per share | |||
Basic & diluted, loss per share for the year attributable to ordinary equity holders of the parent | € (0.85) | € (0.25) | € (0.51) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Loss for the period | € (179,172) | € (48,262) | € (85,950) |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) | |||
Exchange differences on translation of foreign operations | 77 | 10 | (23) |
Net other comprehensive income that may be reclassified to profit or loss in subsequent periods | 77 | 10 | (23) |
Other comprehensive income for the period, net of tax | 77 | 10 | (23) |
Comprehensive loss for the period, net of tax | (179,095) | (48,252) | (85,973) |
Attributable to: | |||
Equity holders of the parent | (178,979) | (48,009) | (85,677) |
Non- controlling interests | (116) | (243) | (297) |
Comprehensive loss for the period, net of tax | € (179,095) | € (48,252) | € (85,973) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - EUR (€) € in Thousands | Total | Series B | Share Capital | Share CapitalSeries B | [1] | Capital Reserve | Capital ReserveSeries B | [1] | Treasury Shares | [1] | Treasury SharesSeries B | [1] | Accumulated Losses | Other Reserves | Foreign Currency Translation Reserve | Total | TotalSeries B | Non-controlling Interest | |||
Beginning balance at Dec. 31, 2016 | € 31,858 | € 3,270 | [1] | € 172,416 | [1] | € (112,100) | € (33,115) | € 30,471 | € 1,387 | ||||||||||||
Loss for the period | (85,950) | (85,653) | (85,653) | (297) | |||||||||||||||||
Other comprehensive income | (23) | € (23) | (23) | ||||||||||||||||||
Total comprehensive income | (85,973) | (85,653) | (23) | (85,676) | (297) | ||||||||||||||||
Issuance of share capital | [1] | 163,494 | (163,494) | ||||||||||||||||||
Share-based payments | 5,909 | 5,909 | 5,909 | ||||||||||||||||||
Ending balance at Dec. 31, 2017 | (48,206) | 166,764 | [1] | 8,922 | [1] | (197,753) | (27,206) | (23) | (49,296) | 1,090 | |||||||||||
Loss for the period | (48,262) | (48,019) | (48,019) | (243) | |||||||||||||||||
Other comprehensive income | 10 | 10 | 10 | ||||||||||||||||||
Total comprehensive income | (48,252) | (48,019) | 10 | (48,009) | (243) | ||||||||||||||||
Issuance of share capital | 355,816 | 25,949 | [1] | 329,867 | [1] | 355,816 | |||||||||||||||
Share-based payments | 7,641 | 7,641 | 7,641 | ||||||||||||||||||
Settlement of share-based payment plan | 583 | [1] | 5,326 | [1] | (5,909) | ||||||||||||||||
Ending balance at Dec. 31, 2018 | 267,000 | 193,296 | [1] | 344,115 | [1] | (245,771) | (25,474) | (13) | 266,153 | 847 | |||||||||||
Loss for the period | (179,172) | (179,056) | (179,056) | (116) | |||||||||||||||||
Other comprehensive income | 77 | 77 | 77 | ||||||||||||||||||
Total comprehensive income | (179,095) | (179,056) | 77 | (178,979) | (116) | ||||||||||||||||
Issuance of share capital | 49,874 | € 198,855 | 8,126 | [1] | € 17,990 | 41,748 | [1] | € 186,390 | € (5,525) | 49,874 | € 198,855 | ||||||||||
Capital increase initial public offering (referred to as IPO) | 143,260 | 10,517 | [1] | 132,743 | [1] | 143,260 | |||||||||||||||
Acquisition of non-controlling interest | 2,375 | [1] | (1,644) | [1] | 731 | € (731) | |||||||||||||||
Transaction costs | (16,638) | (16,638) | [1] | (16,638) | |||||||||||||||||
Share-based payments | 30,236 | 30,236 | 30,236 | ||||||||||||||||||
Ending balance at Dec. 31, 2019 | € 493,492 | € 232,304 | [1] | € 686,714 | [1] | € (5,525) | € (424,827) | € 4,762 | € 64 | € 493,492 | |||||||||||
[1] | Numbers have been adjusted to reflect capital increase due to 1:18 share split which occurred on September 18, 2019. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Sep. 18, 2019 |
Statement Of Changes In Equity [Abstract] | |
Stock split ratio | 0.05556 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Loss for the period | € (179,172) | € (48,262) | € (85,950) |
Income taxes | (268) | 600 | 45 |
Loss before tax | (179,440) | (47,662) | (85,905) |
Adjustments to reconcile loss before tax to net cash flows: | |||
Depreciation and amortization of property, plant, equipment and intangible assets | 33,896 | 21,984 | 10,529 |
Share-based payment expense | 30,235 | 7,641 | 5,909 |
Net foreign exchange differences | 70 | 459 | 24,820 |
(Gain)/Loss on disposal of property, plant and equipment | 542 | (14) | 15 |
Finance income | (1,782) | (1,996) | (2,133) |
Interest on lease liability | 1,718 | 1,721 | 676 |
Finance expense | 326 | 48 | 53 |
Share of loss of an associate and a joint venture | 84 | 78 | |
Working capital adjustments: | |||
Decrease/(Increase) in trade receivable and contract assets | 2,939 | (18,732) | (2,816) |
Decrease/(Increase) in inventories | (5,798) | (1,253) | (574) |
(Decrease)/Increase in trade and other payables, contract liabilities and provisions | (80,577) | (21,080) | (4,574) |
Interest received | 1,256 | 1,996 | 2,133 |
Interest paid | (2,044) | (1,769) | (729) |
Income tax received (paid), net | 122 | (304) | (45) |
Net cash flows used in operating activities | (198,537) | (58,877) | (52,562) |
Investing activities | |||
Purchase of property, plant and equipment | (38,592) | (29,901) | (24,320) |
Proceeds from sale of property, plant and equipment | 21 | 705 | 5,193 |
Purchase of intangibles assets | (32,488) | (37,256) | (33,422) |
Acquisition of subsidiaries and businesses, net of cash acquired | (6,056) | ||
Net cash flows used in investing activities | (77,115) | (66,452) | (52,549) |
Financing activities | |||
Proceeds from issuance of share capital, net of costs | 375,351 | 361,725 | |
Proceeds from loans and borrowings | 11,000 | 5,600 | |
Payment of finance lease liabilities | (3,061) | (2,148) | (1,643) |
Net cash flows from/(used in) financing activities | 383,290 | 365,177 | (1,643) |
Net increase/(decrease) in cash and cash equivalents | 107,638 | 239,848 | (106,753) |
Change in cash resulting from exchange rate differences | 16 | (459) | (24,820) |
Cash and cash equivalents at January 1 | 411,495 | 172,106 | 303,680 |
Cash and cash equivalents at December 31 | € 519,149 | € 411,495 | € 172,106 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Corporate Information Explanatory [Abstract] | |
Corporate information | 1 BioNTech SE is a limited company incorporated and domiciled in Germany. American Depository Shares (ADS) representing BioNTech’s shares are publicly traded on Nasdaq Global Select Market since October 10, 2019. The registered office is located in Mainz, An der Goldgrube 12, 55131 Germany. The accompanying International Financial Reporting Standards (IFRS) consolidated financial statements present the financial position and the results of operation of BioNTech SE and its subsidiaries, hereinafter also referred to as “BioNTech” or the “Group”. Effective March 8, 2019, BioNTech AG changed its name and legal form to BioNTech SE. The Group is principally engaged in developing innovative immunotherapies for the individualized treatment of cancer and other infectious diseases. During the year ended December 31, 2019 the following changes to the Group structure occurred: • Two entities were founded in the United States: BioNTech USA Holding, LLC and BioNTech Research & Development, Inc. Both are wholly-owned subsidiaries of BioNTech SE. • reBOOST Management GmbH, was acquired through a share purchase which represents a related party transaction. All entities listed above are included in the Group’s consolidated financial statements. Information on the Group’s structure is provided in Note 5. The consolidated financial statements of the Group for the year ended year ended December 31, 2019 were authorized for issue in accordance with a resolution of the directors on March 31, 2020. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2 2.1 The consolidated financial statements have been prepared on a going concern basis in accordance with the IFRS as issued by the International Accounting Standards Board (IASB). BioNTech prepares and publishes its consolidated financial statements in Euros. Unless otherwise stated, the numbers are rounded to thousands of Euros. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them. 2.2 The consolidated financial statements comprise the financial statements of the Company and its controlled investees (subsidiaries). The Group controls an investee if, and only if, the Group has • power over the investee ( i.e. • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The statement of operations and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in the statement of operations. Any investment retained is recognized at fair value. 2.3 Summary of Significant Accounting Policies 2.3.1 Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Goodwill is initially measured at cost as the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is tested at least annually or when there is an indication for impairment. See Note 2.3.13. 2.3.2 The Group presents assets and liabilities in the consolidated statements of financial position based on current or non-current classification. An asset is current when it is either: (i) expected to be realized within 12 months after the reporting period or (ii) cash or cash equivalents, unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when it is due to be settled within 12 months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities, respectively. 2.3.3 Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: • Level 1 contains the use of quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. • Level 3 inputs are unobservable. Within this hierarchy, estimated values are made by management based on reasonable assumptions, including other fair value methods. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. 2.3.4 Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which BioNTech expects to be entitled in exchange for those goods or services. If a contract with a customer contains more than one performance obligation, the transaction price is allocated to each performance obligation on a relative-stand-alone selling price basis. BioNTech has generally concluded that it acts as the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The following is a description of these activities. Revenue from Collaboration and License Agreements BioNTech generates revenues from collaboration and license agreements under which BioNTech grants licenses to use, research, develop, manufacture and commercialize product candidates and products. If the grant of a license is bundled together with the rendering of services, it is assessed whether these agreements are comprised of more than one performance obligation. A performance obligation is only accounted for as the grant of a license if the grant of a license is the sole or the predominant promise of the performance obligation. For each promise to grant a license that is a separate performance obligation, it is considered whether control is transferred to a licensee either at a point in time or over time. Under the terms of its licensing arrangements, BioNTech provides the licensee with a right to access BioNTech’s intellectual property as it exists throughout the license period (as BioNTech’s intellectual property is still subject to further research). Therefore, the promise to grant a license is accounted for as a performance obligation satisfied over time, as the licensee simultaneously receives and consumes the benefits of BioNTech’s performance. If the consideration in an agreement includes a variable amount, BioNTech estimates the amount of consideration to which BioNTech will be entitled in exchange for transferring the goods to the customer. At contract inception, the variable consideration is estimated based on the most likely amount of consideration expected from the transaction and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with respect the variable consideration is subsequently resolved. The estimated deferred revenue is updated at each reporting date to reflect the current facts and circumstances. Rendering of Services BioNTech provides development and manufacturing services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the services because the customer simultaneously receives and consumes the benefits provided by BioNTech. If BioNTech has a right to consideration from a customer in the amount that corresponds directly with the value to the customer of BioNTech’s performance completed to date (for example, service contracts in which BioNTech bills a fixed amount for each hour or day of service provided), BioNTech recognizes revenue in the amount for which BioNTech has a right to invoice the customer. Sale of Products Revenue from the sale of medical products ( e.g Contract Balances Contract Assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If BioNTech performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade Receivables A receivable represents BioNTech’s right to an amount of consideration that is unconditional ( i.e Contract Liabilities A contract liability is the obligation to transfer goods or services to a customer for which BioNTech has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before BioNTech transfers goods or services to the customer, a contract liability is recognized when the payment is made or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when BioNTech performs under the contract. 2.3.5 Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which the grant is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as deduction in calculating the carrying amount of the asset and thus in the statement of operations over the life of the depreciable asset as a reduced depreciation expense. 2.3.6 Current Income Tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred Tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Recognition of Taxes Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. The Group offsets current tax assets and current tax liabilities if, and only if, it has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax assets and deferred tax liabilities are only offset when the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either (i) the same taxable entity or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales Tax Expenses and assets are recognized net of sales tax, except when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. 2.3.7 The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of such entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to the statement of operations reflects the amount that arises from using this method. Transactions and Balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration. Foreign Currency Translation On consolidation, the assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date and their statements of operations are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising upon the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. 2.3.8 Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment if the recognition criteria are met. All other repair and maintenance costs are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Property, plant and equipment Useful life (Years) Buildings 7-33 Equipment, tools and installations 3-15 An item of property, plant and equipment initially recognized is derecognized upon disposal ( i.e The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. 2.3.9 The Group early adopted IFRS 16 Leases for annual periods beginning on January 1, 2017. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: • the contract involves the use of an identified asset—this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; • the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if either: • the Group has the right to operate the asset; or • the Group designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Group has elected not to separate non-lease components, and instead accounts for the lease and non-lease components as a single lease component. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received by the Group. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the statement of operations if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets separately and lease liabilities in ‘financial liabilities’ in the statement of financial position. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or shorter lease term, as follows: Right-of-use assets Useful life (Years) Buildings 2-25 Equipment, tools and installations 2-5 Automobiles 3-4 Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less or leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense in the statement of operations on a straight-line basis over the lease term. 2.3.10 Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized generally on a straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are at least reviewed at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the statement of operations in the expense category that is consistent with the function of the intangible assets. A summary of the useful lives applied to the Group’s intangible assets is as follows: Intangible assets Useful life (Years) Intellectual property rights 10-20 Licenses 3-20 Intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually, or when there is an indication for impairment, either individually or at the level of a cash-generating unit (see Note 2.3.13 for further details). The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The group has classified advanced payments on intangible assets as intangible assets which are not yet ready for use. Advanced payments on intangible assets are tested for impairment on an annual basis. An intangible asset is derecognized upon disposal ( i.e Research and Development Costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset if, and only if, all of the following six criteria can be demonstrated by the Group: • the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; • its intention to complete the project; • the ability and intention to use or sell the asset; • how the asset will generate future economic benefits; • the availability of resources to complete the asset; and • the ability to reliably measure the expenditure during development. Owing to the high risks up to the time that pharmaceutical products are approved, these criteria are not met in the Biotech business sector until regulatory approval has been provided. Therefore, the Group has not yet capitalized any development expenditures. The related expenditure is reflected in the statement of operations in the period in which the expenditure is incurred. 2.3.11 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial Assets Initial recognition and Measurement Financial assets are initially measured at fair value, after the initial measurement the financial assets are subsequently classified as either measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in Note 2.3.4. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial Assets at Amortized Cost (Debt Instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: • the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method, and are subject to impairment. Gains and losses are recognized in the statement of operations when the asset is derecognized, modified or impaired. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred in terms of fulfilling the derecognition criteria. Impairment of Financial Assets An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all of the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ii) Financial Liabilities Initial Recognition and Measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or as payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables and other financial liabilities. Subsequent Measurement The measurement of financial liabilities depends on their classification, as described below. Financial Liabilities at Fair Value through Profit or Loss The Group has no financial liabilities measured at fair value through profit or loss. Loans, Borrowings, Trade Payables and Other Financial Liabilities After initial recognition, interest-bearing loans and borrowings, trade payables and other financial liabilities are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the statement of operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of operations. This category generally applies to interest-bearing loans and borrowings. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of operations. 2.3.12 Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • raw materials and supplies: purchase cost on a first-in/first-out basis; or • unfinished goods and finished goods: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. 2.3.13 The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions Continued | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accounting Judgements And Estimates [Abstract] | |
Significant Accounting Judgments, Estimates and Assumptions Continued | 3 The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Revenue from Contracts with Customers BioNTech applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers: Identification and Determination of the Nature of Performance Obligations in Collaboration and License Agreements BioNTech generates revenues from collaboration and license agreements under which BioNTech grants licenses to use, research, develop, manufacture and commercialize candidates and products. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. If these promises are not distinct, they have to be combined until the bundle of promised goods and services is distinct. For some agreements, this results in BioNTech accounting for all goods and services promised in a collaboration and license agreement as a single performance obligation with a single measure of progress. For these combined performance obligations, it must be assessed which of these promises is the predominant promise to determine the nature of the performance obligation. BioNTech determined that the grant of the license is the predominant promise within the (combined) performance obligation to grant a license to the customers. It was assessed that BioNTech grants their customers a right to access or a right to use BioNTech’s intellectual property due to the collaboration and license agreements. Consequently, the promise to grant a license is accounted for as a performance obligation satisfied over time as BioNTech’s customer simultaneously receive and consumes the benefits from BioNTech’s performance. Estimation of Variable Consideration and Assessment of the Constraint when Determining the Deferred Revenue BioNTech’s collaboration and license agreements comprise variable considerations which are contingent on the occurrence or non-occurrence of a future event (i.e. As there are usually only two possible outcomes ( i.e. The most likely amount of these milestone payments (i.e. BioNTech has concluded that future milestone payments are fully constrained at the end of the current fiscal year. Future milestone payments would become unconstrained at the satisfaction of the milestone event, specifically a development event, a regulatory approval or achievement of a sales milestone. For the carrying amounts of the revenue recognition-related contract balances, see Note 4. Estimates and Assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Share-Based Payments Determining the fair value of share-based payment transactions requires the most appropriate valuation for the specific program, which depends on the underlying terms and conditions. This estimate also requires the determination of the most appropriate inputs to the valuation model when calculating the fair value of the share option. The Group has used an external appraisal for the measurement of the cash- and equity-settled transactions’ fair value at the grant date considering certain assumption relating to, e.g. For further disclosures relating to share-based payments, see Note 17. Leases Right-of-use assets are measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease. Significant accounting judgments are required for the determination of the appropriate incremental borrowing rate, which is to be used in the calculation of the asset and liability that are recognized in the financial statements regarding the lease contracts. For the carrying amounts of right-of-use assets and the related lease liability, see Note 19. Taxes Deferred tax assets are recognized for unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group has tax losses carried forward and these losses relate to subsidiaries that have a history of losses. The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax losses carried forward. For further disclosures relating to deferred taxes, see Note 8. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Revenue from contracts with customers | 4 4.1 Set out below is the disaggregation of the Group’s revenue from contracts with customers: Years ended December 31, (in thousands) 2019 2018 2017 Revenues resulting from collaboration and license agreements €84,428 €101,837 €42,333 Genentech Inc. 64,026 49,536 27,829 Pfizer Inc. 14,348 7,174 - Sanofi S.A. 4,233 41,712 5,665 Genmab A/S - 2,740 6,765 Eli Lilly and Company 1,821 676 2,074 Revenues from other sales transactions 24,161 25,738 19,265 Total €108,589 €127,575 €61,598 Through December 31, 2019, BioNTech received k€279,542 in upfront fees from Genentech under the Genentech Collaboration Agreement. Such amounts are initially deferred and subsequently recognized as revenue as the Company performs under the agreement and measured based on the costs incurred under the respective research programs. Of these upfront fees, k€64,026 was recognized as revenue in the year ended December 31, 2019 (k€49,536 in 2018; k€27,829 in 2017). As of December 31, 2019, k€131,556 upfront fees is recognized as deferred revenue within contract liabilities in the statement of financial position (as of December 31, 2018: k€195,582). Through December 31, 2019, BioNTech received k€59,560 in upfront and near-term milestone payments from Sanofi under the Sanofi Agreement. Such amounts are initially deferred and subsequently recognized as revenue as the Company performs under the agreement and measured based on the costs incurred under the respective research programs. Of these upfront fees, k€4,233 was recognized as revenue in the year ended December 31, 2019 (k€8,535 in 2018; k€5,665 in 2017). As of December 31, 2019, k€34,483 upfront fees is recognized as deferred revenue within contract liabilities in the statement of financial position (as of December 31, 2018: k€38,716). During the year ended December 31, 2018, BioNTech recognized k€33,177 of revenue from Sanofi for reimbursement of 50% of Cellscript sublicense costs pursuant to a separate sub-sublicense agreement dated December 22, 2018. Through December 31, 2019, BioNTech received k€43,044 in upfront fees from Pfizer under the Pfizer Collaboration Agreement. Such amounts are initially deferred and subsequently recognized as revenue as BioNTech performs under the agreement and measured based on the time elapsed under the respective research programs. Of these upfront fees, k€14,348 was recognized as revenue in the year ended December 31, 2019 (k€7,174 in 2018). As of December 31, 2019, k€21,522 upfront fees is recognized as deferred revenue within contract liabilities in the statement of financial position (as of December 31, 2018: k€35,870). The transactions resulting from product sales that are included within the revenue from other sales transactions are as follows: Years ended December 31, (in thousands) 2019 2018 2017 Product sales of JPT Peptide Technologies GmbH €12,111 €10,748 €10,652 During the year ended December 31, 2019, BioNTech recognized revenue of k€1,059 under a bill-and-hold transaction for which the customer already had obtained control. The bill-and-hold arrangement is substantive since the request to retain the product in BioNTech’s facilities until January 2020 was initiated by the customer. 4.2 (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Contract liabilities 190,692 271,674 Trade receivables are non-interest bearing and are generally settled within 20 to 30 days. Contract assets are recognized for revenue earned from sales and services based on individual customer contracts of BioNTech Innovative Manufacturing Services GmbH. However, the customers’ advance payments exceeded BioNTech’s transferred goods and services for which a conditional right to consideration exists. Therefore, only contract liabilities net of contract assets are presented as per December 31, 2019 and December 31, 2018, respectively. Contract liabilities include mainly upfront fees received from BioNTech’s major collaboration and license agreements. The outstanding balances of these accounts decreased during the year ended December 31, 2019 as revenues resulting from these agreements exceeded further payments received from the collaborators due to the achievement of milestones. During the year ended December 31, 2019, BioNTech did not receive upfront fees or an unconditional right of consideration from the collaboration and license agreements (year ended December 31, 2018: k€41,120) and recognized revenues resulting from collaboration and license agreements of k€82,607 (during the year ended December 31, 2018: k€65,068), which reduced the contract liabilities. In addition, during the year ended December 31, 2019, a milestone payment of k€1,821 was received from the Eli Lilly and Company collaboration agreement and recorded as revenue. Set out below is the amount of revenue recognized for the periods Years ended December 31, (in thousands) 2019 2018 2017 Amounts included in contract liabilities at the beginning of the year €82,607 €65,068 €40,428 4.3 Information about BioNTech’s performance obligations is summarized below: Collaboration and License Agreements BioNTech accounts for its promises to grant licenses as performance obligations satisfied over time as the customers simultaneously receive and consume the benefit of BioNTech’s performance of providing access to its intellectual property as the performance occurs. BioNTech recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation according to the method that demonstrates BioNTech’s performance towards complete satisfaction. In contracts in which the costs vary based on the stage of research, an input-based measure considering cost incurred depicts most reliably the progress of the related research activities. In other contracts, revenue recognition on a straight-line basis most reliably depicts BioNTech’s performance toward complete satisfaction. In case the contractual activities progress, the achievement of development milestones will be used to measure the progress toward complete satisfaction. The deferred revenue allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end are as follows: (in thousands) December 31, 2019 December 31, 2018 Within one year €90,453 €64,522 More than one year 97,109 205,647 Total €187,562 €270,169 The deferred revenue allocated to the remaining performance obligations does not contain deferred revenues of performance obligations which are part of contracts that have an original expected duration of one year or less or of performance obligations for which the consideration from the customer corresponds directly to the value to the customer of BioNTech’s performance to date at an amount of k€3,130 (December 31, 2018: k€1,505). |
Group information
Group information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Group information | 5 Information about Subsidiaries The consolidated financial statements of the Group include the following subsidiaries: % equity interest Name Country of incorporation Registered office December 31, 2019 December 31, 2018 BioNTech RNA Pharmaceuticals GmbH Germany Mainz 100% 100% BioNTech Delivery Technologies GmbH (previously BioNTech Protein Therapeutics GmbH) Germany Halle (previously Mainz) 100% 100% BioNTech Diagnostics GmbH Germany Mainz 100% 100% BioNTech Small Molecules GmbH Germany Mainz 100% 100% BioNTech IVAC GmbH (previously BioNTech Business Services GmbH) Germany Mainz 100% 100% BioNTech Austria Beteiligungen GmbH Austria Vienna 100% 100% BioNTech Innovative Manufacturing Services GmbH Germany Idar- Oberstein 100% 100% reBOOST Management GmbH Germany Mainz 100% n/a JPT Peptide Technologies GmbH Germany Berlin 100% 100% JPT Inc. (previously TheraCode JPT Inc.) United States Acton 100% 100% BioNTech USA Holding LLC United States New York 100% n/a BioNTech Research and Development Inc. United States New York 100% n/a BioNTech Cell & Gene Therapies GmbH Germany Mainz 100% 94.50% BioNTech Real Estate Holding GmbH (previously Apta IT GmbH) Germany Holzkirchen 100% 100% BioNTech Real Estate Verwaltungs GmbH Germany Holzkirchen 100% 100% BioNTech Real Estate GmbH & Co. KG Germany Holzkirchen 100% 100% During the year ended December 31, 2019, two entities were founded in the United States: BioNTech USA Holding, LLC and BioNTech Research & Development, Inc. Both are wholly-owned subsidiaries of BioNTech SE. Additionally, reBOOST Management GmbH, was acquired through a share purchase which represents a related party transaction. During the year ended December 31, 2018, BioNTech Real Estate Verwaltungs GmbH and BioNTech Real Estate GmbH & Co. KG were established. Parent Company ATHOS KG, Holzkirchen, Germany owns 100% of shares in AT Impf GmbH, Munich, Germany and is the beneficiary owner of BioNTech. AT Impf GmbH, Munich, Germany is the parent company of the Group and owned the following percentage of ordinary shares in BioNTech at the following dates as indicated: Ownership of ordinary shares in BioNTech (in %) Name Country of incorporation Registered office December 31, 2019 December 31, 2018 AT Impf GmbH Germany Munich 50.33% 54.16% Entity with significant Influence over the Group Medine GmbH, Mainz owned the following percentage of ordinary shares in BioNTech at the following dates as indicated: Ownership of ordinary shares in BioNTech (in %) Name Country of incorporation Registered office December 31, 2019 December 31, 2018 Medine GmbH Germany Mainz 18.38% 21.57% |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Business Combinations [Abstract] | |
Business Combinations | 6 MAB Discovery GmbH In January 2019, BioNTech entered into an agreement to acquire MAB Discovery GmbH’s operational antibody generation unit based near Munich, Germany (hereinafter also referred to as “MAB Discovery”), for a total consideration of k€6,050. The employees of MAB Discovery were transferred automatically to BioNTech with effect as of the closing date. The acquisition closed on April 1, 2019. The Group has acquired MAB Discovery because it intends to adopt and pursue the unit’s current business into its own. The fair values of the identifiable net assets of MAB Discovery as at the date of acquisition were: Fair value recognized on acquisition (in thousands) MAB Discovery GmbH Assets Goodwill €2,205 Other intangible assets 2,711 Property, plant and equipment 999 Inventories 135 Total identifiable net assets at fair value €6,050 Cash flow on acquisition (in thousands) MAB Discovery GmbH Net cash acquired - Cash paid €6,050 Net cash flow on acquisition €(6,050) The consolidated financial statements include the results of MAB Discovery since the acquisition date. From the date of acquisition, MAB Discovery contributed k€4,299 to loss before tax in the Technology Platform business segment from continuing operations of the Group. If the transaction would have occurred at the beginning of the reporting period, an estimated amount of k€5,232 would have contributed to loss before tax in the Technology Platform business segment. From the date of acquisition, MAB Discovery did not generate any revenue and no revenue would have been generated if the transaction would have occurred at the beginning of the reporting period. Goodwill recognized is primarily attributed to the expected synergies and other benefits from combining the assets and activities of MAB Discovery with those of the Group. Transaction costs of k€91 relating to the acquisition have been expensed and are included in the general and administrative expenses within the condensed consolidated statement of operations and are part of operating cash flows in the statement of cash flows. reBOOST Management GmbH On August 29, 2019, BioNTech entered into an agreement to purchase all of the outstanding shares of reBOOST Management GmbH (hereinafter also referred to as “reBOOST”) from Medine GmbH, which is wholly owned by BioNTech’s Chief Executive Officer, Ugur Sahin. The k€279 purchase price consists of k€31 cash consideration and assumption of liabilities of up to k€248. The related party acquisition closed on September 2, 2019. The consolidated financial statements include the results of reBOOST since the acquisition date. From the date of acquisition, reBOOST contributed k€213 to loss before tax in the Technology Platform business segment from continuing operations of the Group. If the transaction would have occurred at the beginning of the reporting period, an estimated amount of k€237 would have contributed to loss before tax in the Technology Platform business segment. From the date of acquisition, reBOOST did not generate any revenue and no revenue would have been generated if the transaction would have occurred at the beginning of the reporting period. The Group acquired reBOOST because it expects to lift synergies and other benefits arising from the ongoing collaborations of reBOOST with different co-operations. |
Income and Expenses
Income and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Analysis Of Income And Expense [Abstract] | |
Income and Expenses | 7 7 .1 Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €7,206 €6,726 €6,105 Laboratory supplies 3,845 1,368 2,849 Purchased services 1,986 2,514 - Depreciation and amortization 1,467 1,367 - Other 2,857 1,715 364 Total €17,361 €13,690 €9,318 7 .2 Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €83,213 €45,668 €31,970 Purchased services 65,552 42,079 22,686 Laboratory supplies 37,218 22,921 15,762 Depreciation and amortization 27,533 18,312 9,859 Lease and lease related cost 2,527 2,404 3,475 IT costs 3,800 1,572 366 Travel costs 1,546 1,281 776 Transport costs 1,081 668 396 Job advertisement expenses 1,040 352 - Other 2,956 7,783 206 Total €226,466 €143,040 €85,496 7 .3 Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €1,938 €1,728 €1,631 Purchased services 247 794 2,771 Travel costs 88 267 260 Other 445 252 1,940 Total €2,718 €3,041 €6,603 7 .4 Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €19,122 €8,582 €9,861 Purchased services 6,419 5,177 3,544 IT and office equipment 4,573 3,774 2,706 Depreciation and amortization 4,855 2,284 630 Lease and lease related cost 1,715 1,012 1,611 Travel costs 1,391 1,043 247 Insurance premiums 1,061 145 99 Laboratory supplies 785 456 63 Job advertisement expenses 548 861 719 Other 5,078 3,000 4,039 Total €45,547 €26,334 €23,520 7 .5 Years ended December 31, (in thousands) 2019 2018 2017 Government grants €1,547 €4,228 €2,266 Other 1,177 1,168 83 Total €2,724 €5,396 €2,349 7 .6 Years ended December 31, (in thousands) 2019 2018 2017 Interest income €1,781 €1,996 €2,133 Foreign exchange gains (net) 2,341 6,050 - Total €4,122 €8,046 €2,133 Finance income results from BioNTech’s interests on short-term deposits. In the years ended December 31, 2019 and December 31, 2018 results from BioNTech’s unhedged USD cash accounts were recorded as foreign exchange gains. 7 .7 Years ended December 31, (in thousands) 2019 2018 2017 Financial instruments measured at amortized cost €326 €48 €53 Foreign exchange loss (net) - - 25,955 Total €326 €48 €26,007 In the year ended December 31, 2017, foreign exchange losses as a result from BioNTech’s unhedged USD cash accounts were recorded as finance expenses. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Tax | 8 Income Tax Tax expense for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 are comprised of current income taxes and other taxes. The following table illustrates the reconciliation of tax expense to the estimated tax rate for the periods indicated. The reconciliation for the year ended December 31, 2019 excludes an amount of k€28 for property tax expenses. Years ended December 31, (in thousands) 2019 2018 2017 Loss before tax €(179,440) €(47,662) €(85,905) Expected tax benefit (based on BioNTech`s statutory tax rate of 30.78%, 2018: 30.99%, 2017: 30.86%) 55,240 14,776 26,517 Effects Government grants exempted from taxes 48 28 17 Non-deductible expenses (58) (18) (22) Add-back for trade tax purposes (110) (96) (70) Non-recognition of tax-effect on share-based payment expenses (9,308) - - Tax-effective equity transaction costs 5,121 - - Utilization of tax losses - 1,165 - Non-recognition of deferred taxes on tax losses and temporary differences (51,197) (13,634) (26,015) Deviation valuation allowance prior year due to change tax rate 192 - - Effect from lower foreign income tax rate (102) - - Adjustment prior year tax 316 - - Other effects 154 (2,821) (472) Income tax expense €296 €(600) €(45) Deferred Taxes Deferred taxes for the periods indicated relate to the following: Year ended December 31, 2019 (in thousands) January 1, 2019 Recognized in P&L December 31, 2019 Fixed assets €(90) €(565) €(655) Inventories - 596 596 Leases 306 206 512 Contract liabilities (prior year revenues) 28,441 (4,898) 23,543 Provisions 134 53 187 Other (incl. deferred expenses) 161 1,926 2,087 Deferred Tax Assets Net (before valuation) €28,951 €(2,681) €26,270 Valuation Adjustment (28,951) 2,681 (26,270) Deferred Tax Assets Net (after valuation) - - - Year ended December 31, 2018 (in thousands) January 1, 2018 Recognized in P&L December 31, 2018 Fixed assets €(877) €787 €(90) Inventories 83 (83) - Leases 83 223 306 Contract liabilities (prior year revenues) 16,631 11,810 28,441 Provisions 73 61 134 Other 684 (523) 161 Deferred Tax Assets Net (before valuation) €16,676 €12,275 €28,951 Valuation Adjustment (16,676) (12,275) (28,951) Deferred Tax Assets Net (after valuation) - - - Accumulated tax losses of the Group for the periods indicated amount to the following: Years ended December 31, (in thousands) 2019 2018 2017 Corporate Tax €356,044 €179,264 €178,491 Trade Tax 352,341 176,425 176,024 Deferred tax assets on tax losses have not been capitalized as there is not sufficient probability in terms of IAS 12 that there will be future taxable profits available against which the unused tax losses can be utilized. The accumulated tax losses as at December 31, 2019 relate to Germany and the United States (as at December 31, 2018: Germany). There is no expiration date for any of the accumulated tax losses under German or US tax law. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share | 9 Basic earnings per share (EPS) is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. On September 18, 2019, BioNTech effected a 1:18 share split by issuing 206,595,492 shares by way of a capital increase from its own funds; thus, no outside proceeds were received. This capital increase came into effect upon registration with the commercial register ( Handelsregister The following table reflects the income and share data used in the basic and diluted EPS calculations: Years ended December 31, (in thousands) 2019 2018 2017 Loss attributable to ordinary equity holders of the parent for basic earnings €(179,056) €(48,019) €(85,653) Weighted average number of ordinary shares for basic EPS 211,499 190,710 166,764 Effects of dilution from share options - - - Weighted average number of ordinary shares adjusted for the effect of dilution 211,499 190,710 166,764 There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements. Stock options were not included in the calculation of diluted EPS because they are antidilutive for the periods presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 10 Property, Plant and Equipment (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Acquisition and production costs As of January 1, 2018 €13,077 €58,080 €6,153 €77,310 Additions 8,925 11,322 6,154 26,401 Disposals - (858) - (858) Reclassifications 145 5,069 (5,216) - As of December 31, 2018 €22,147 €73,613 €7,091 €102,853 As of January 1, 2019 €22,147 €73,613 €7,091 €102,853 Additions 7,269 8,700 22,623 38,592 Disposals - (105) (10) (115) Reclassifications 53 - (53) - Currency differences - (1) 1 - Acquisition of subsidiaries and businesses, net of cash acquired - 999 - 999 As of December 31, 2019 €29,469 €83,206 €29,652 €142,329 (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Cumulative depreciation and impairment charges As of January 1, 2018 €5,690 €22,013 - €27,703 Depreciation 782 8,349 - 9,131 Disposals - (182) - (182) As of December 31, 2018 €6,472 €30,180 - €36,652 As of January 1, 2019 €6,472 €30,180 - €36,652 Depreciation 1,854 10,861 - 12,715 Disposals - (79) - (79) Currency differences - (3) - (3) As of December 31, 2019 €8,326 €40,959 - €49,285 (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Carrying amount As of January 1, 2018 €7,387 €36,067 €6,153 €49,606 As of December 31, 2018 €15,675 €43,433 €7,091 €66,200 As of December 31, 2019 €21,143 €42,247 €29,652 €93,044 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 1 1 Intangible Assets (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Acquisition costs As of January 1, 2018 €534 €85,271 €3,565 €89,370 Additions - 12,150 3,128 15,278 Disposals - - (765) (765) Reclassifications - 4,431 (4,431) - As of December 31, 2018 €534 €101,853 €1,497 €103,883 As of January 1, 2019 €534 €101,853 €1,497 €103,883 Additions - 11,744 1,529 13,273 Disposals - (133) (477) (610) Reclassifications - 146 (146) - Currency differences - (23) - (23) Acquisition of subsidiaries and businesses, net of cash acquired 2,444 2,726 - 5,170 As of December 31, 2019 €2,978 €116,313 €2,403 €121,693 (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Cumulative depreciation and impairment charges As of January 1, 2018 - €5,833 - €5,833 Depreciation - 10,009 - 10,009 As of December 31, 2018 - €15,842 - €15,842 As of January 1, 2019 - €15,842 - €15,842 Depreciation - 16,502 - 16,502 Disposals - (81) - (81) Currency differences - (3) - (3) As of December 31, 2019 - €32,260 - €32,260 (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Carrying amount As of January 1, 2018 €534 €79,438 €3,565 €83,537 As of December 31, 2018 €534 €86,011 €1,497 €88,042 As of December 31, 2019 €2,978 €84,053 €2,403 €89,434 Contractual Commitments Contractual commitments for the acquisition of intangible assets amounts to Nil as of December 31, 2019 (as of December 31, 2018: k€19,482). Goodwill For impairment testing, goodwill acquired through business combinations and intangible assets not yet in use have been allocated to the respective cash-generating units (CGU). The goodwill acquired in the respective business combinations for the dates indicated is presented in the following table: MAB Discovery JPT Peptide Technologies reBOOST Total (in thousands) As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Goodwill €2,205 - €534 €534 €239 - €2,978 €534 The Group performs its annual goodwill impairment test for the respective year as per October 1. The recoverable amount was determined on a value in use calculation using cash flow projections from budgets approved by senior management covering at least a five-year period. Management concluded that no reasonable possible change of key assumptions on which the calculation of the recoverable amount is based would cause the carrying amount of the CGU to exceed its recoverable amount. The pre-tax discount rate applied to cash flow projections for the year ended December 31, 2019 is 9.0% (for the year ended December 31, 2018: 12.2%) and cash flows beyond the five-year period are extrapolated using a 1.8% growth rate (for the year ended December 31, 2018: 1.0%). As the recoverable amount exceeded the carrying amount of the CGU for every balance sheet date, no impairment charge was required. Intangible Assets not yet Available for Use Intangible assets not yet available for use did not exist in the years ended December 31, 2019 and December 31, 2018. |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Assets and Financial Liabilities | 12 Financial Assets and Financial Liabilities 1 2 .1 The objective of the capital management of BioNTech is primarily designed to finance the Group’s growth strategy. The Group’s controlling committee reviews the total amount of cash of the Group on a weekly basis. As part of this review, the committee considers the total cash and cash equivalents, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. (in thousands) December 31, 2019 December 31, 2018 Cash and cash equivalents at banks and on hand €519,149 €411,495 Total €519,149 €411,495 In meeting its financing objectives, the Group negotiates and enters into research cooperation agreements. In general, the aim is to maximize the financial resources available for further research and development projects. BioNTech is not subject to externally imposed capital requirements. The objectives of BioNTech’s capital management were achieved in the reporting year. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2019 and December 31, 2018. 1 2 .2 Financial assets at amortized cost (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Other financial assets and receivables 1,680 354 Total €13,593 €19,292 Total current 13,593 19,273 Total non-current - 18 Financial liabilities: Financial liabilities at amortized cost (including interest-bearing loans and borrowings) (in thousands) Maturity December 31, 2019 December 31, 2018 Trade payables €19,909 €41,721 Lease liabilities 56,683 50,752 2.15% € 10,000,000 secured bank loan 12/30/2027 9,000 4,000 2.08% € 9,450,000 secured bank loan 09/30/2028 7,600 1,600 Other financial liabilities 11,551 6,132 Total €104,743 €104,205 Total current 35,699 49,987 Total non-current 69,044 54,218 2.15% Secured Loan The loan is secured by a lien over land and buildings with a carrying value of k€10,000 as at December 31, 2019 (December 31, 2018: k€10,000). Additionally, the loan is secured by a permanent guarantee ( Höchstbetragsbürgschaft 2.08% Bank Loan The loan is secured by a lien over land and buildings to the amount of k€9,450. Additionally, the loan is secured by a permanent guarantee ( Höchstbetragbürgschaft 1 2 .3 Fair values of cash and cash equivalents, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The liabilities include two fixed-interest rate loans. The fair value of the two fixed-interest rate loans is calculated based on significant observable inputs (Level 2). As of December 31, 2019 and December 31, 2018, the carrying value approximates their fair values as there have been no significant changes in relevant interest rates since inception of the respective loans. 1 2 .4 The Group’s financial liabilities comprise of bank loans, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to enable the Group’s operations. The Group’s principal financial assets include mainly cash and trade receivables that derive directly from its operations. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. The controlling committee provides assurance to the Group’s senior management that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below. 1 2 .5 Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk comprises of three types of risk: interest risk, foreign currency risk and other price risk. Financial instruments affected by market risk include cash and cash equivalents. Interest risk as well as other price risk are not considered as risks for the Group. The sensitivity analysis in the following sections relate to the position as at December 31, 2019 and December 31, 2018. There were no material changes in the Group’s market risk exposures or changes in the way risk was managed and valued during the periods. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign currency rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency). In order to reduce exchange rate risk, BioNTech makes every effort to generate expenses and income in the same functional currency. The Group does not hedge exchange rate risks. The carrying amount of the monetary assets (the Group’s cash and cash equivalents) of BioNTech denominated in foreign currencies at the dates indicated are as follows: (in thousands) December 31, 2019 December 31, 2018 USD Bank accounts €213,913 €176,376 Total €213,913 €176,376 The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of monetary assets. The Group’s exposure to foreign currency changes for all other currencies is not material. 1 € = Closing rate Average rate Currency Country 2019 2018 2019 2018 USD United States 1.1234 1.1450 1.1195 1.1810 (in thousands) Change in USD rate Effect on loss before tax Effect on pre-tax equity 2019 +5 % €(10,186) €(10,186) 2019 -5% €11,259 €11,259 2018 +5 % €(8,399) €(8,399) 2018 -5% €9,283 €9,283 1 2 .6 Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, including deposits with banks and financial institutions, foreign exchange transactions and trade accounts receivable. Trade Receivables and Contract Assets The Group’s exposure to credit risk of trade receivables and contract assets is primarily on transactions with corporate customers in the biopharma/biotech industry that operate in Germany or in the United States. An analysis of the aging of receivables and the creditworthiness of customers is used to evaluate this risk at each reporting date. The Group follows risk control procedures to assess the credit quality of the customers taking into account their financial position, past experience and other factors. The compliance with credit limits by corporate customers is regularly monitored by management. The credit risk on trade receivables and contract assets is very low as the customer portfolio of BioNTech mainly consists of medical universities, other public institutions and peers in the biopharma industry, which all have a very high credit rating and the group has not incurred bad debt expense. BioNTech does not expect that its customer portfolio will change. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 12.2. The Group does not hold collateral as security. Cash Deposits Credit risk from balances with banks and financial institutions is managed by the Group’s controlling department in accordance with the Group’s policy. Investments of surplus funds are made only with banks. Credit risk stemming from cash and deposits is very low. The Group’s maximum exposure to credit risk for the components of the statements of financial position at December 31, 2019 and December 31, 2018 are the carrying amounts as illustrated in Note 12.1. 12 .7 Generally, BioNTech has relied on the financing from shareholders and collaborators in order to ensure sufficient liquidity. Lack of external financial support could pose a risk of going concern. The liquidity management of BioNTech ensures the availability of cash and cash equivalents for operational activities and further investments through appropriate budget planning. In addition, a sufficient level of cash and cash equivalents, which is managed centrally, is always maintained to finance the operational activities. The Group monitors liquidity risks using a liquidity planning tool. Ultimately, the responsibility for liquidity risk management lies with the management, which has established an appropriate approach to managing short-, medium- and long-term financing and liquidity requirements. BioNTech manages liquidity risks by holding appropriate reserves, as well as by monitoring forecasted and actual cash flows and reconciling the maturity profiles of financial assets and liabilities. Risk Concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group’s performance to developments affecting a particular industry. In order to avoid concentrations of risk, the Group’s policies and procedures include specific guidelines to focus on the maintenance of an effective diversification in the sources of funding and distribution of cash deposits. Identified concentrations of credit risks are controlled and managed accordingly. The maturity profile of the Group’s financial liabilities based on contractual undiscounted payments is summarized as follows: Year ended December 31, 2019 (in thousands) Less than 1 year 1 to 5 years More than 5 years Total Interest bearing loans and borrowings €2,220 €10,693 €8,355 €21,268 Trade and other payables €20,498 - - €20,498 Lease liabilities €5,176 €17,882 €55,852 €78,910 Other financial liabilities €10,351 - - €10,351 Total €38,245 €28,575 €64,207 €131,027 Year ended December 31, 2018 (in thousands) Less than 1 year 1 to 5 years More than 5 years Total Interest bearing loans and borrowings - €5,600 - €5,600 Trade and other payables 41,721 - - 41,721 Lease liabilities 3,822 13,346 56,524 73,692 Other financial liabilities 6,132 - - 6,132 Total €51,675 €18,946 €56,524 €127,145 1 2 .8 Year ended December 31, 2019 (in thousands) January 1, 2019 Cash flows New leases and disposals Reclassification December 31, 2019 Current obligations under lease contracts €2,134 €(3,061) €1,484 €2,928 €3,485 Non-current obligations under lease contracts 48,618 - 8,437 (2,928) 54,127 Interest-bearing loans and borrowings 5,600 11,000 - - 16,600 Total €56,352 €7,939 €9,921 - €74,212 Year ended December 31, 2018 (in thousands) January 1, 2018 Cash flows New leases and disposals Reclassification December 31, 2018 Current obligations under lease contracts €1,832 €(2,126) €296 €2,132 €2,134 Non-current obligations under lease contracts 50,349 - 401 (2,132) 48,618 Interest-bearing loans and borrowings - 5,600 - - 5,600 Total €52,182 €3,474 €697 - €56,352 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Inventories | 13 (in thousands) December 31, 2019 December 31, 2018 Raw materials and supplies €8,201 €4,475 Unfinished goods 2,888 80 Finished goods 633 1,234 Total €11,722 €5,789 During the year ended December 31, 2019, inventories of k€2,182 (during the year ended December 31, 2018: k€1,789) were recognized as an expense and recognized in cost of sales. BioNTech has not pledged any inventories as securities for liabilities. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Trade Receivables | 1 4 (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Total €11,913 €18,938 Trade receivables are non-interest bearing and are generally due on terms of 20 to 30 days. As described in Note 12.6, expected credit loss for trade receivables is immaterial. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Current Assets [Abstract] | |
Other Assets | 1 5 (in thousands) December 31, 2019 December 31, 2018 Sales tax receivable €7,536 €8,611 Prepayments on inventories 351 155 Other 1,182 398 Total €9,069 €9,164 As at December 31, 2019, other assets mainly comprised interest income of k€529 and receivables from withholding taxes of k€310 (as at December 31, 2018, other assets were mainly comprised of interest income of k€270). |
Issued Capital and Reserves
Issued Capital and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Issued Capital and Reserves | 1 6 Year ended December 31, 2019 On September 18, 2019, BioNTech effected a 1:18 share split by issuing 206,595,492 shares by way of a capital increase from its own funds; thus, no outside proceeds were received. This capital increase came into effect upon registration with the commercial register ( Handelsregister The financing transactions that occurred during the year ended December 31, 2019 were as follows: Issuance of Share Capital In January 2019, BioNTech issued 5,088,204 shares and increased its share capital by k€5,088. The cash investment of k€80,006 was received in 2018 (k€79,997). On August 30, 2019, BioNTech entered into agreements with the Bill & Melinda Gates Foundation (BMGF). BMGF agreed to purchase 3,038,674 ordinary shares with nominal amount of k€ 3,039 of BioNTech for a total of k€49,864 (k$55,000). These agreements require BioNTech to perform certain research and development activities to advance the development of products for the prevention and treatment of HIV and tuberculosis. In the event of a breach of the underlying conditions, including such research and development activities, BMGF has the right to sell its shares back to BioNTech at the initial share price or fair market value, whichever is higher, subject to certain conditions. BioNTech’s ability to pay dividends is also limited under the terms of these agreements. Capital Increase Series B In June and August 2019, BioNTech issued an aggregate of 12,465,288 of ordinary shares (excluding 5,524,506 ordinary shares which were issued to a Hong Kong-based investor and subsequently transferred to BioNTech for no consideration; these shares are held as treasury shares) to certain new and existing shareholders at a price of USD 18.10 per share for aggregate proceeds of k€198,548 (k$225,622). These share issuances led to an increase of share capital of k€ 17,990 and capital reserve of k€ 186,390 and recognition of a treasury share balance of k€ 5,525. Initial Public Offering (IPO) On October 10, 2019, BioNTech increased its share capital by k€10,000 in conjunction with the Initial Public Offering. American Depositary Shares which represent ordinary shares were offered on the Nasdaq Global Select Market at a price of $15.00. On November 6, 2019, BioNTech increased its share capital by k€517 upon the execution of the underwriter´s option. American Depositary Shares which represent ordinary shares were issued at a price of $15.00 (under both issuances). The gross proceeds were k€143,260 (k$157,761) including k€10,517 increase in share capital and k€132,743 increase in capital reserve. Acquisition of Non-Controlling Interest As of March 14, 2019, BioNTech acquired the remaining 5.5% of non-controlling interests in BioNTech Cell & Gene Therapies GmbH held by Eli Lilly Nederland B.V. in exchange of issuing 2,374,794 new ordinary shares with an imputed share in the share capital of €1.00 each. This acquisition was recognized within equity and resulted in the derecognition of the non-controlling interest of k€731 as well as an increase to the share capital of k€2,375. The net effect of the transaction of k€1,644 was recognized as a decrease in the capital reserve. Year ended December 31, 2018 During the year ended December 31, 2018, the issued capital increased by k€26,532. The increase was mainly related to k€22,588 issued during the Series A financing round, k€3,361 issued as share capital and k€583 issued in the course of settling the share-based payment plan. As a result of the financing transactions the capital reserve increased during the year ended December 31, 2018, by k€335,193. Year ended December 31, 2017 During the year ended December 31, 2017, a capital increase from company funds increased the issued capital and decreased the capital reserve by k€163,494. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-based payments | 1 7 On September 18, 2019, BioNTech effected a 1:18 share split by issuing 206,595,492 shares by way of a capital increase from its own funds; thus, no outside proceeds were received. This capital increase came into effect upon registration with the commercial register ( Handelsregister During the years ended December 31, 2019, December 31, 2018 and December 31, 2017, the Group had the following share-based arrangements. 17 .1 Chief Executive Officer Grant (Equity-Settled) Description of Share-Based Payments In September 2019, BioNTech agreed to grant Prof. Ugur Sahin, M.D. an option to purchase 4,374,963 ordinary shares, subject to Prof. Sahin’s continuous employment with BioNTech. The options’ per share exercise price is the Euro translation of the public offering price from BioNTech’s initial public offering, €13.60 ($15.00). The option will vest annually in equal installments after four years commencing on the first anniversary of the initial public offering and will be exercisable four years after the initial public offering. The option will be subject to the terms, conditions, definitions and provisions of the Employee Stock Ownership Plan (ESOP) and the applicable option agreement thereunder. The vested option rights can only be exercised if and to the extent that each of the following performance criteria has been achieved: (i) at the time of exercise, the current price is equal to or greater than the Threshold Amount (that is, the exercise price, provided that such amount increases by seven percentage points on each anniversary of the Allocation Date); (ii) at the time of exercise, the current price is at least equal to the Target Price (that is, (a) for the twelve-month period starting on the fourth anniversary of the Allocation Date, $8.5 billion divided by the total number of the shares outstanding immediately following the initial public offering (other than shares owned by BioNTech), and (b) for each twelve-month period starting on the fifth or subsequent anniversary of the Allocation Date, 107% of the target share price applicable for the prior twelve-month period); and (iii) the closing price for the fifth trading day prior to the start of the relevant exercise window is higher than the exercise price by at least the same percentage by which the Nasdaq Biotechnology Index or a comparable successor index as of such time is higher than such index was as of the last trading day before the Allocation Date. The Option Rights can be exercised at the latest ten years after the Allocation Date. If they have not been exercised by that date, they will lapse without compensation. Measurement of Fair Values A Monte-Carlo simulation model has been used to measure the fair value at grant date of the Chief Executive Officer Grant. This model incorporates the impact of the performance criteria regarding share price and index development described above in the calculation of the award’s fair value at grant date. The inputs used in the measurement of the fair value at grant date of the Chief Executive Officer Grant were as follows: Grant date October 10, 2019 Weighted average fair value €5.63 Weighted average share price €13.60 Exercise price €13.60 Expected volatility (%) 41.4% Expected life (years) 5.37 Risk-free interest rate (%) 1.52 % The options’ per share exercise price is the Euro translation of the public offering price from BioNTech’s initial public offering on October 10, 2019. Expected volatility was based on an evaluation of the historical volatilities of comparable companies over the historical period commensurate with the expected term. The expected term was based on general optionholder behavior for employee options. Reconciliation of Outstanding Share-Options The number and weighted-average exercise price of share options under the Chief Executive Officer Grant during the year ended December 31, 2019 were as follows: Share options outstanding Number of Ordinary Shares underlying options Weighted average exercise price (€) As of January 1, 2019 - - - Granted 4,374,963 4,374,963 13.60 As of December 31, 2019 4,374,963 4,374,963 13.60 The options outstanding at December 31, 2019 have a weighted-average expected life of 5.12 years. Expense recognized in the Statement of Operations The expense recognized for employee services received during the year ended December 31, 2019 is shown in the following table: Year ended December 31, (in thousands) 2019 Research and development expenses €3,208 Total €3,208 There were no cancellations or modifications to the awards in the year ended December 31, 2019. 1 7 . 2 Employee Stock Ownership Plan (Equity-Settled) Description of Share-Based Payments On November 15, 2018, the Group established a share option program that grants selected employees options to receive shares in the company. The program is designed as an Employee Stock Ownership Plan (ESOP). The Group has offered the participants a certain number of rights (Option Rights) by explicit acceptance of the participants. The exercise of the Option Rights in accordance with the terms of the ESOP, gives the participants the right to obtain shares against payment of the exercise price. The Option Rights vest over four years, can only be exercised if the company has executed a public offering in the United States (IPO) and when meeting the Threshold Amount. Threshold Amount means the exercise price provided that such price increases by eight percentage points on the first and then each subsequent anniversary of the Allocation Date (September 26, 2018). The Option Rights can be exercised at the latest eight years after the Allocation Date. If they have not been exercised by that date, they will forfeit without compensation. Measurement of Fair Values The fair value of the ESOP has been measured using a binomial model. Service conditions attached to the arrangement were not taken into account in measuring the fair value. The share options can only be exercised by the grantee if the price of the share is equal or greater to the Threshold Amount as defined in the arrangement. Moreover, the option rights can only be exercised if the IPO has occurred. Both conditions have been incorporated into the fair value at grant date. The inputs used in the measurement of the fair values at grant date of the ESOP was as follows: Grant date 15 November 2018 Grant dates between February 21 - April 3, 2019 Grant dates between April 29 - May 31, 2019 Grant date December 1, 2019 Weighted average fair value €7.41 €6.93 €7.04 €9.49 Weighted average share price €14.40 €15.72 €16.03 €19.84 Exercise price €10.14 €15.03 €15.39 €15.82 Expected volatility (%) 46.0% 46.0% 46.0% 46.0% Expected life (years) 5.84 6.00 6.00 5.50 Risk-free interest rate (%) 0.05% 0.05% 0.05% 0.05% Expected volatility has been based on an evaluation of the historical and the implied volatilities of comparable companies over the historical period commensurate with the expected term. The expected term has been based on general option holder behavior for employee options. Reconciliation of Outstanding Share-Options The number and weighted-average exercise prices of share options under the ESOP during the years ended December 31, 2019 and December 31, 2018 were as follows: Share options outstanding Number of Ordinary Shares underlying options Weighted average exercise price (€) As of January 1, 2018 - - - Granted 658,109 11,845,962 10.14 As of December 31, 2018 658,109 11,845,962 10.14 As of January 1, 2019 658,109 11,845,962 10.14 Granted 14,511 261,198 15.17 Forfeited (17,237) (310,266) 10.85 As of December 31, 2019 655,383 11,796,894 10.23 The options outstanding at December 31, 2019 have a weighted-average expected life of 4.73 years. Expense recognized in the Statement of Operations The expense recognized for employee services received during the years ended December 31, 2019 and December 31, 2018 is shown in the following table: Years ended December 31, (in thousands) 2019 2018 Cost of sales €896 €114 Research and development expenses 20,016 6,786 Sales and marketing expenses 108 13 General and administrative expenses 6,008 728 Total €27,028 €7,641 There were no cancellations or modifications to the awards in the years ended December 31, 2019 and December 31, 2018. 1 7 . 3 Description of Share-Based Payments On December 1, 2017, the Group granted 582,714 shares to selected employees under the share appreciation rights (SAR) program. The shares vested immediately at the grant date (December 2017) as there were no vesting conditions. There were no other SARs granted during the years ended December 31, 2019 and December 31, 2018. Measurement of Fair Values The fair value of the SARs has been determined using a discounted cash flow (DCF) model as of December 2017. The inputs used in the measurement of the fair values at grant date of the SARs were as follows: Grant date 1 December 2017 Fair value 10.13€ Exercise price 10.13€ WACC 8.2% Tax rate 31.2% Debt free net working capital (in % of sales) 5.5% Risk-free interest rate (%) 1.2% Long-term growth rate (%) 1.8% Growth rate estimates are based on epidemiology data for different indications in focus geographies. The average market growth rates per indication and stage have been extrapolated with data derived from published industry research. The expected life of the SARs is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. Expected dividends were not incorporated into the measurement of fair value. Expense recognized in the Statement of Operations The expense recognized for employee services received during the year ended December 31, 2017 is shown in the following table: Year ended December 31, (in thousands) 2017 Cost of sales - Research and development expenses 3,620 Sales and marketing expenses 14 General and administrative expenses 2,275 Total €5,909 1 7 . 3 Under the agreement, BioNTech must withhold an amount for an employee’s tax obligation associated with the share-based payment and transfer that amount in cash to the tax authority on the employee’s behalf. BioNTech does not withhold shares in order to settle the employee’s tax obligations. The Group withheld an amount of k€7,761 that was paid to the taxation authority in relation to the SARs in the year ended December 31, 2018. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Current Liabilities [Abstract] | |
Other Liabilities | 18 (in thousands) December 31, 2019 December 31, 2018 Liabilities employees €6,710 €5,236 Other 780 3,864 Total €7,490 €9,100 Other liabilities comprise accruals for outstanding invoices in the amount of k€715 as at December 31, 2019 (as at December 31, 2018: k€3,739) and several other non-material positions. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Presentation Of Leases For Lessee [Abstract] | |
Leases | 19 1 9 .1 Right-of-Use Assets The following amounts are presented as right-of-use assets within the statement of financial positions as of the dates indicated: December 31, 2019 December 31, 2018 Buildings €54,956 €49,718 Equipment, tools and installations 7 21 Automobiles 55 27 Total €55,018 €49,766 Additions to the right-of-use assets during the year ended December 31, 2019 were k€10,040 (during the year ended December 31, 2018: k€723). Lease Liability The following amounts are included in other financial liabilities as of the dates indicated: (in thousands) December 31, 2019 December 31, 2018 Current €3,485 €2,134 Non-current 54,127 48,618 Total €57,612 €50,752 19 .2 Depreciation Charge of Right-of-Use Assets Years ended December 31, (in thousands) 2019 2018 2017 Buildings €4,614 €2,751 €1,759 Equipment, tools and installations 25 60 111 Automobiles 40 35 39 Total depreciation charge €4,679 €2,846 €1,909 Interest on lease liabilities €1,718 €1,721 €676 Expense related to short-term leases (included in other expenses) 442 431 442 Expense relating to leases of low-value assets that are not short-term leases (included in other expenses) 90 90 95 Total amounts recognized in profit or loss €6,929 €5,088 €3,122 19 .3 During the year ended December 31, 2019, the total cash outflow for leases amounted to k€4,779 (during the year ended December 31, 2018: k€3,847; during the year ended December 31, 2017: k€2,319). |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segment Information | 20 BioNTech develops individualized treatments for cancer patients and improved therapeutics to treat infectious and rare diseases. This activity, together with research and development activities, forms the core of the company. External services provide the interface where medical products are sold to third parties. BioNTech’s business is managed in two business units, the biotech business unit and the external services business unit. The biotech business unit is comprised of three operation segments, which are individually monitored by the Chief Operating Decision Maker (CODM). Four operating segments have been identified in accordance with IFRS 8. No aggregation of operating segments was performed. Resource allocation and performance assessment is performed at the level of the Management Board. The Management Board members are jointly responsible for the management and strategic decision making. Consequently, the Management Board has been identified as the CODM. BioNTech’s business consist of the following reportable segments: Research and Development activities form the Biotech Business Unit and are divided in the segments Clinical, Technology Platform and Manufacturing. The Clinical Technology Platform contains all development activities relating to preclinical programs. Preclinical development is the stage of research that begins before clinical trials. It is performed to determine the desired pharmacological effects and to identify any unwanted effects that may cause adverse reactions during human exposure. Manufacturing is an essential part of the research and development process as it comprises the manufacturing unit of mRNA and engineered cell therapies. All the medical substances and tools that form the basis for the research studies performed at BioNTech are manufactured in this segment, (i.e. , the Manufacturing segment contains only internally produced substances and tools). Product Sales & External Services comprises the legal entities JPT Peptide Technology GmbH and Innovative Manufacturing Services GmbH (IMFS), which form the interface to third parties. External services and medicinal products ( e.g. , peptides and retroviral vectors) that are in the areas of molecular immunotherapies and biomarker-based diagnostic approaches for individualized treatment of cancer and other infectious diseases are sold to customers worldwide. Business Service contains the Group’s central administrative functions ( e.g. , Finance, Procurement, Human Resources, Legal and Intellectual Property) and overarching projects. Business Service does not fulfil the requirements for an operating segment according to IFRS 8, as it will never generate more than incidental revenues. However, financial information about Business Service is disclosed, as it contributes to the understanding of the company. The table below reconciles segment figures to Group figures for the periods indicated: Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2019 Revenues Collaboration Revenues €33,493 €2,147 €48,788 - - €84,428 €84,428 Revenues from other sales transactions - 692 2 - 23,467 24,161 24,161 Cost of sales - - - - (16,923) (16,923) (438) (17,361) Gross profit €33,493 €2,839 €48,790 - €6,544 €91,666 €(438) €91,228 Income / Expenses Research and development expenses (91,516) (79,119) (50,478) (5,192) (600) (226,905) 439 (226,466) Sales and marketing expenses - - - (1,302) (1,415) (2,717) (1) (2,718) General and administrative expenses - - (3,821) (38,756) (2,970) (45,547) - (45,547) Other result 1,125 307 59 23 468 1,982 3 1,985 Segment operating income / (loss) €(56,898) €(75,973) €(5,450) €(45,227) €2,027 €(181,521) €3 €(181,518) Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2018 Revenues Collaboration Revenues €36,750 €39,452 €25,635 - - €101,837 €101,837 Revenues from other sales transactions - 6,783 - 42 18,914 25,738 25,738 Cost of sales - - - (40) (13,358) (13,398) (292) (13,690) Gross profit €36,750 €46,235 €25,635 €2 €5,556 €114,177 €(292) €113,885 Income / Expenses Research and development expenses (48,641) (60,320) (31,508) (1,979) (884) (143,332) 292 (143,040) Sales and marketing expenses - - - (2,106) (935) (3,041) - (3,041) General and administrative expenses - - (2,558) (21,233) (2,542) (26,334) - (26,334) Other result 3,772 178 30 85 559 4,624 52 4,676 Segment operating income / (loss) €(8,119) €(13,908) €(8,401) €(25,231) €1,753 €(53,906) €52 €(53,854) Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2017 Revenues Collaboration Revenues €25,721 €14,504 €2,108 - - €42,333 - €42,333 Revenues from other sales transactions - 324 - - 18,941 19,265 - 19,265 Cost of sales - - - - (9,318) (9,318) - (9,318) Gross profit €25,721 €14,828 €2,108 - €9,623 €52,280 - €52,280 Income / Expenses Research and development expenses (25,099) (37,019) (14,764) (6,701) (1,912) (85,496) - (85,496) Sales and marketing expenses - - - (4,904) (1,698) (6,603) - (6,603) General and administrative expenses - - (785) (20,309) (2,427) (23,520) - (23,520) Other result - 777 - 820 463 2,061 - 2,061 Segment operating income / (loss) €623 €(21,414) €(13,441) €(31,094) €4,049 €(61,277) - €(61,277) The segments are managed based on external sales and operating profit/loss, which represents the operating profit earned by each segment. Segment figures are reported consolidated, which reflects the way management steers the business. BioNTech’s internal reporting is generally in accordance with IFRS and in line with the Group’s accounting policies, except for minor deviations in classification between cost of sales and research and development cost. Whenever revenues are attributable to different segments, these revenues are split based on the incurred cost. Internal overhead costs are allocated to segments based on revenues when they are directly attributable to a service rendered. Sales and marketing expenses, general and administrative expenses and the other result that are not directly attributable to one of the segments are allocated to Business Service. To reconcile the segment figures to the Group’s financial statements for the year ended December 31, 2019, the presentation of k439 of research and development cost was adjusted (for the year ended December 31, 2018: k292). Revenue at BioNTech can be differentiated between revenues resulting from collaboration and license agreements and revenues from other sales. The Company collaborates with reputable pharmaceutical and healthcare companies and several global academic collaborators. During the year ended December 31, 2019, the revenue generated from the Genentech and Pfizer collaboration agreements represent each more than 10% of BioNTech’s overall revenue resulting from collaboration and license agreements. The revenues were partly recorded in the Clinical as well as Manufacturing segment. During the year ended December 31, 2018, the revenue generated from the Genentech and Sanofi collaboration agreements represent each more than 10% of BioNTech’s overall revenue resulting from collaboration and license agreements. The revenues were partly recorded in the Clinical, Technology Platform as well as Manufacturing segment. During the year ended December 31, 2017, the revenue generated from the Genentech, Genmab and Sanofi collaboration agreements represent each more than 10% of BioNTech’s overall revenue resulting from collaboration and license agreements. The revenues were partly recorded in the Clinical, Technology Platform as well as Manufacturing segment. The total amounts of revenues generated with these customers in the periods presented are disclosed in Note 4. Revenues from other sales result from the sale of medical products ( e.g. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related Party Disclosures | 21 2 1 .1 ATHOS KG, Holzkirchen, Germany owns 100% of shares in AT Impf GmbH, Munich, Germany and is the beneficiary owner of BioNTech. AT Impf GmbH, Munich, Germany is the parent company of the Group. 2 1 .2 Key Management Personnel Compensation Key management personnel at BioNTech has been defined as the members of the Management Board and of the Supervisory Board. Key management personnel compensation is comprised of the following: Compensation of key management personnel of the Group (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Short-term employee benefits €1,847 €1,161 €880 Share-based payment transactions 18,151 6,163 1,855 Total compensation paid to key management personnel €19,998 €7,324 €2,735 In September 2019, BioNTech agreed to grant Prof. Ugur Sahin, M.D., BioNTech’s co-founder and Chief Executive Officer, an option to purchase 4,374,963 ordinary shares (see Note 17). Executive officers also participate in the Group’s ESOP and SAR program (see Note 17). Key Management Personnel Transactions A number of key management personnel, or their related parties, hold positions in other companies that results in them having control or significant influence over these companies. A number of these companies have had transactions with the Group during the year. The Group purchases various goods and services from research institutes where Prof. Ugur Sahin, M.D., our co-founder and Chief Executive Officer, co-founded TRON and served as Managing Director at TRON until 2019 and currently serves as a Professor of Medicine at the University of Mainz. Prof. Sahin resigned from this position with TRON, effective September 10, 2019. Additionally, Prof. Christoph Huber, M.D., a member of our Supervisory Board, served on TRON’s supervisory board until his resignation in April 2019. Prof. Ugur Sahin, M.D., our co-founder and Chief Executive Officer, owns a significant amount of shares in TRON. The aggregate value of transactions related to key management personnel were as follows for the periods indicated: (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Consulting services / patent assignment €56 €25 €25 Purchases of various goods and services from TRON 9,968 11,160 6,553 Total €10,024 €11,185 €6,578 The outstanding balances of transactions related to key management personnel were as follows as at the periods indicated: (in thousands) December 31, 2019 December 31, 2018 TRON €1,843 €2,160 Total €1,843 €2,160 2 1 .3 The total amount of transactions with ATHOS KG or entities controlled by them was as follows for the periods indicated: (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Purchases of various goods and services from entities controlled by ATHOS KG €2,071 €2,431 €1,240 Purchases of property and other assets from entities controlled by ATHOS KG - 4,748 - Total €2,071 €7,179 €1,240 The outstanding balances of transactions with ATHOS KG or entities controlled by them were as follows as at the periods indicated: (in thousands) December 31, 2019 December 31, 2018 ATHOS KG €51 €587 Total €51 €587 None of the balances are secured and no bad debt expense has been recognized in respect of amounts owed by related parties. |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Events After Reporting Period [Abstract] | |
Events After the Reporting Period | 22 22.1 In December 2019, BioNTech Delivery Technologies GmbH (previously BioNTech Protein Therapeutics GmbH; also referred to as “BioNTech Delivery Technologies”), a wholly owned subsidiary of BioNTech SE, entered into an agreement to acquire all assets, employees and proprietary know-how of Lipocalyx GmbH and its related parties (also referred to as “Lipocalyx”) in exchange for a total consideration of cash at an amount of k€6,516 and additional contingent consideration provisionally estimated at an amount of k€572. Current assets and non-current assets before purchase price allocation accounted for in accordance with German GAAP at an amount of k€139 and k€77 (unaudited amounts) were acquired. No liabilities were assumed as part of this asset deal. The operational drug delivery business of Lipocalyx is based in Halle (Saale), Germany. The employees of Lipocalyx were transferred automatically to BioNTech Delivery Technologies with effect as of the closing date. The acquisition closed on January 6, 2020. 2 2 .2 On January 12, 2020, BioNTech’s Supervisory Board appointed Ryan Richardson to the Management Board as Chief Strategy Officer (CSO) and Managing Director. In his new role he will support and contribute to the creation and implementation of the Company’s long-term growth strategy in collaboration with the management team. Ryan has previously served as Senior Vice President, Corporate Development & Strategy after joining the Company in 2018. 2 2 . 3 On January 16, 2020, BioNTech and Neon Therapeutics, Inc. (listed on the Nasdaq) have entered into a definitive merger agreement, under which BioNTech will acquire Neon in an all-stock transaction initially valued at approximately $67.0 million, based on the closing price of BioNTech’s ADSs of $34.55 on Wednesday, January 15, 2020 (also referred to as “Merger”). At closing, BioNTech will issue, and Neon shareholders will receive, 0.063 of BioNTech’s American Depositary Shares, or ADSs, in exchange for each of their shares of Neon. This exchange ratio will not be adjusted for changes in the market price of either our ADSs or Neon common stock between the date the Merger Agreement was signed and completion of the Merger. As a result, changes in the price of our ADSs prior to the completion of the Merger will affect the value of our ADSs delivered upon completion of the Merger. Neon is a biotechnology company developing novel neoantigen-based T cell therapies. The transaction will combine two organizations with a common culture of pioneering translational science and a shared vision for the future of cancer immunotherapy. The Merger is conditioned upon, among other things, the approval of the Merger Agreement by the shareholders of Neon and other customary closing conditions. 2 2 . 4 On March 16, 2020 BioNTech announced further details on the Company’s R&D effort, “Project Lightspeed”, to develop a potential vaccine to induce immunity and prevent COVID-19 infection in response to the growing global health threat posed by the disease. BioNTech’s product candidate, BNT162, is a potential first-in-class mRNA vaccine in the worldwide effort against COVID-19. BioNTech intends to initiate clinical testing for BNT162 in late April 2020, subject to regulatory approval, as part of a global clinical development program in Europe (commencing in Germany), the United States and China. The Company has been in close contact with regulatory and scientific authorities around the world and is in ongoing discussions with research organizations to make a vaccine available to the public as quickly as possible worldwide. As part of its global development program, BioNTech announced a strategic alliance with Shanghai Fosun Pharmaceutical (Group) Co., Ltd (“Fosun Pharma”; Stock Symbol: 600196.SH, 02196.HK) to jointly develop its COVID-19 vaccine in China. Under the agreement, both companies will collaborate to conduct clinical trials in China, leveraging Fosun Pharma’s clinical development, regulatory, and commercial capabilities in the country. Upon regulatory approval, Fosun Pharma will commercialize the vaccine in China, while BioNTech retains the full rights to develop and commercialize the vaccine in the rest of the world. Fosun Pharma will pay BioNTech up to $135 million (€120 million) in upfront and potential future investment and milestone payments, including an equity investment of $50 million (€44 million) for 1,580,777 ordinary shares in BioNTech, subject to execution of share subscription documentation and approval from regulatory authorities in China. Future gross profits from the sale of the vaccine in China will be shared by the two companies. On March 17, 2020 BioNTech and Pfizer Inc. (NYSE: PFE, “Pfizer”) announced that the companies have agreed to a letter of intent regarding the co-development and distribution (excluding China) of a potential mRNA-based coronavirus vaccine aimed at preventing COVID-19 infection. The companies have executed a Material Transfer and Collaboration Agreement to enable the parties to immediately start working together. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | 2.1 The consolidated financial statements have been prepared on a going concern basis in accordance with the IFRS as issued by the International Accounting Standards Board (IASB). BioNTech prepares and publishes its consolidated financial statements in Euros. Unless otherwise stated, the numbers are rounded to thousands of Euros. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them. |
Basis of Consolidation | 2.2 The consolidated financial statements comprise the financial statements of the Company and its controlled investees (subsidiaries). The Group controls an investee if, and only if, the Group has • power over the investee ( i.e. • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The statement of operations and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in the statement of operations. Any investment retained is recognized at fair value. |
Business combinations and Goodwill | 2.3.1 Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Goodwill is initially measured at cost as the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is tested at least annually or when there is an indication for impairment. See Note 2.3.13. |
Current versus Non-Current Classifications | 2.3.2 The Group presents assets and liabilities in the consolidated statements of financial position based on current or non-current classification. An asset is current when it is either: (i) expected to be realized within 12 months after the reporting period or (ii) cash or cash equivalents, unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when it is due to be settled within 12 months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities, respectively. |
Fair Value Measurement | 2.3.3 Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: • Level 1 contains the use of quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. • Level 3 inputs are unobservable. Within this hierarchy, estimated values are made by management based on reasonable assumptions, including other fair value methods. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. |
Revenue from Contracts with Customers | 2.3.4 Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which BioNTech expects to be entitled in exchange for those goods or services. If a contract with a customer contains more than one performance obligation, the transaction price is allocated to each performance obligation on a relative-stand-alone selling price basis. BioNTech has generally concluded that it acts as the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The following is a description of these activities. Revenue from Collaboration and License Agreements BioNTech generates revenues from collaboration and license agreements under which BioNTech grants licenses to use, research, develop, manufacture and commercialize product candidates and products. If the grant of a license is bundled together with the rendering of services, it is assessed whether these agreements are comprised of more than one performance obligation. A performance obligation is only accounted for as the grant of a license if the grant of a license is the sole or the predominant promise of the performance obligation. For each promise to grant a license that is a separate performance obligation, it is considered whether control is transferred to a licensee either at a point in time or over time. Under the terms of its licensing arrangements, BioNTech provides the licensee with a right to access BioNTech’s intellectual property as it exists throughout the license period (as BioNTech’s intellectual property is still subject to further research). Therefore, the promise to grant a license is accounted for as a performance obligation satisfied over time, as the licensee simultaneously receives and consumes the benefits of BioNTech’s performance. If the consideration in an agreement includes a variable amount, BioNTech estimates the amount of consideration to which BioNTech will be entitled in exchange for transferring the goods to the customer. At contract inception, the variable consideration is estimated based on the most likely amount of consideration expected from the transaction and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with respect the variable consideration is subsequently resolved. The estimated deferred revenue is updated at each reporting date to reflect the current facts and circumstances. Rendering of Services BioNTech provides development and manufacturing services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the services because the customer simultaneously receives and consumes the benefits provided by BioNTech. If BioNTech has a right to consideration from a customer in the amount that corresponds directly with the value to the customer of BioNTech’s performance completed to date (for example, service contracts in which BioNTech bills a fixed amount for each hour or day of service provided), BioNTech recognizes revenue in the amount for which BioNTech has a right to invoice the customer. Sale of Products Revenue from the sale of medical products ( e.g Contract Balances Contract Assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If BioNTech performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade Receivables A receivable represents BioNTech’s right to an amount of consideration that is unconditional ( i.e Contract Liabilities A contract liability is the obligation to transfer goods or services to a customer for which BioNTech has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before BioNTech transfers goods or services to the customer, a contract liability is recognized when the payment is made or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when BioNTech performs under the contract. |
Government Grants | 2.3.5 Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which the grant is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as deduction in calculating the carrying amount of the asset and thus in the statement of operations over the life of the depreciable asset as a reduced depreciation expense. |
Taxes | 2.3.6 Current Income Tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred Tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Recognition of Taxes Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. The Group offsets current tax assets and current tax liabilities if, and only if, it has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax assets and deferred tax liabilities are only offset when the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either (i) the same taxable entity or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales Tax Expenses and assets are recognized net of sales tax, except when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Foreign Currencies | 2.3.7 The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of such entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to the statement of operations reflects the amount that arises from using this method. Transactions and Balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration. Foreign Currency Translation On consolidation, the assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date and their statements of operations are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising upon the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. |
Property, Plant and Equipment | 2.3.8 Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment if the recognition criteria are met. All other repair and maintenance costs are expensed as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Property, plant and equipment Useful life (Years) Buildings 7-33 Equipment, tools and installations 3-15 An item of property, plant and equipment initially recognized is derecognized upon disposal ( i.e The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases | 2.3.9 The Group early adopted IFRS 16 Leases for annual periods beginning on January 1, 2017. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: • the contract involves the use of an identified asset—this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; • the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if either: • the Group has the right to operate the asset; or • the Group designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Group has elected not to separate non-lease components, and instead accounts for the lease and non-lease components as a single lease component. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received by the Group. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the statement of operations if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets separately and lease liabilities in ‘financial liabilities’ in the statement of financial position. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or shorter lease term, as follows: Right-of-use assets Useful life (Years) Buildings 2-25 Equipment, tools and installations 2-5 Automobiles 3-4 Short-Term Leases and Leases of Low-Value Assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less or leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense in the statement of operations on a straight-line basis over the lease term. |
Intangible Assets | 2.3.10 Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized generally on a straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are at least reviewed at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the statement of operations in the expense category that is consistent with the function of the intangible assets. A summary of the useful lives applied to the Group’s intangible assets is as follows: Intangible assets Useful life (Years) Intellectual property rights 10-20 Licenses 3-20 Intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually, or when there is an indication for impairment, either individually or at the level of a cash-generating unit (see Note 2.3.13 for further details). The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The group has classified advanced payments on intangible assets as intangible assets which are not yet ready for use. Advanced payments on intangible assets are tested for impairment on an annual basis. An intangible asset is derecognized upon disposal ( i.e Research and Development Costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset if, and only if, all of the following six criteria can be demonstrated by the Group: • the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; • its intention to complete the project; • the ability and intention to use or sell the asset; • how the asset will generate future economic benefits; • the availability of resources to complete the asset; and • the ability to reliably measure the expenditure during development. Owing to the high risks up to the time that pharmaceutical products are approved, these criteria are not met in the Biotech business sector until regulatory approval has been provided. Therefore, the Group has not yet capitalized any development expenditures. The related expenditure is reflected in the statement of operations in the period in which the expenditure is incurred. |
Financial Instruments – Initial Recognition and Subsequent Measurement | 2.3.11 A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial Assets Initial recognition and Measurement Financial assets are initially measured at fair value, after the initial measurement the financial assets are subsequently classified as either measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in Note 2.3.4. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial Assets at Amortized Cost (Debt Instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: • the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method, and are subject to impairment. Gains and losses are recognized in the statement of operations when the asset is derecognized, modified or impaired. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred in terms of fulfilling the derecognition criteria. Impairment of Financial Assets An allowance for expected credit losses (ECLs) is recognized for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all of the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ii) Financial Liabilities Initial Recognition and Measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or as payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables and other financial liabilities. Subsequent Measurement The measurement of financial liabilities depends on their classification, as described below. Financial Liabilities at Fair Value through Profit or Loss The Group has no financial liabilities measured at fair value through profit or loss. Loans, Borrowings, Trade Payables and Other Financial Liabilities After initial recognition, interest-bearing loans and borrowings, trade payables and other financial liabilities are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the statement of operations when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of operations. This category generally applies to interest-bearing loans and borrowings. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of operations. |
Inventories | 2.3.12 Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • raw materials and supplies: purchase cost on a first-in/first-out basis; or • unfinished goods and finished goods: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Impairment of Non-Financial Assets | 2.3.13 The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s cash generating units to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of operations in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or cash generating unit’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of operations unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase. |
Cash and Cash Equivalents | 2.3.14 Cash and cash equivalents comprise cash in banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. |
Provisions | 2.3.15 Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of operations net of any reimbursement. |
Share-Based Payments | 2.3.16 Employees (and others providing similar services) receive remuneration in the form of share-based payments, which are settled in equity instruments (equity-settled transactions). Equity-Settled Transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 17. These costs are recognized in cost of sales, research and development expenses, sales and marketing expenses or general and administrative expenses, together with a corresponding increase in equity (other reserves), over the period in which the service is provided (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. |
Standards applied for the First Time | 2.4 In 2019 several new and amended standards and interpretations became effective. These were applied for the first time, but did not have an impact on the consolidated financial statements of the Group. Standards/Interpretations Date of application IFRIC 23 Uncertainty over income tax treatment January 1, 2019 Amendments to IFRS 9 Prepayment Features with Negative Compensation January 1, 2019 Amendments to IAS 19 Plan Amendment, Curtailment or Settlement January 1, 2019 Amendments to IAS 28 Long-term interests in associates and joint ventures January 1, 2019 Annual improvement cycle to IFRS 2015-2017 January 1, 2019 |
Standard issued but not yet effective | 2.5 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements and that might have an impact on the Group’s financial statements are disclosed below. The Group has not early adopted any standards and intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Standards/Interpretations Date of application Amendments to IFRS 3 Business Combinations January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform January 1, 2020 Amendments to IAS 1 and IAS 8 Definition of Material January 1, 2020 Amendments to References to the Conceptual Framework in IFRS Standards January 1, 2020 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current January 1, 2022 The Group does not expect a significant impact of the application of any of these amendments. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Useful Lives Applied to the Group's Property, Plant and Equipment | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Property, plant and equipment Useful life (Years) Buildings 7-33 Equipment, tools and installations 3-15 |
Useful Lives Applied to the Group's Right-of-use Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or shorter lease term, as follows: Right-of-use assets Useful life (Years) Buildings 2-25 Equipment, tools and installations 2-5 Automobiles 3-4 |
Useful Lives Applied to the Group's Intangible Assets | A summary of the useful lives applied to the Group’s intangible assets is as follows: Intangible assets Useful life (Years) Intellectual property rights 10-20 Licenses 3-20 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Summary of Disaggregation of Revenue from Contracts with Customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers: Years ended December 31, (in thousands) 2019 2018 2017 Revenues resulting from collaboration and license agreements €84,428 €101,837 €42,333 Genentech Inc. 64,026 49,536 27,829 Pfizer Inc. 14,348 7,174 - Sanofi S.A. 4,233 41,712 5,665 Genmab A/S - 2,740 6,765 Eli Lilly and Company 1,821 676 2,074 Revenues from other sales transactions 24,161 25,738 19,265 Total €108,589 €127,575 €61,598 |
Summary of Transactions Resulting from Product Sales Included within Revenue from Other Sales Transactions | The transactions resulting from product sales that are included within the revenue from other sales transactions are as follows: Years ended December 31, (in thousands) 2019 2018 2017 Product sales of JPT Peptide Technologies GmbH €12,111 €10,748 €10,652 |
Summary of Contract Balances | (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Contract liabilities 190,692 271,674 |
Revenue Recognized from Payments of Past Periods | Set out below is the amount of revenue recognized for the periods Years ended December 31, (in thousands) 2019 2018 2017 Amounts included in contract liabilities at the beginning of the year €82,607 €65,068 €40,428 |
Summary of Deferred Revenue Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied) | The deferred revenue allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year-end are as follows: (in thousands) December 31, 2019 December 31, 2018 Within one year €90,453 €64,522 More than one year 97,109 205,647 Total €187,562 €270,169 |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Summary of Information about Subsidiaries | The consolidated financial statements of the Group include the following subsidiaries: % equity interest Name Country of incorporation Registered office December 31, 2019 December 31, 2018 BioNTech RNA Pharmaceuticals GmbH Germany Mainz 100% 100% BioNTech Delivery Technologies GmbH (previously BioNTech Protein Therapeutics GmbH) Germany Halle (previously Mainz) 100% 100% BioNTech Diagnostics GmbH Germany Mainz 100% 100% BioNTech Small Molecules GmbH Germany Mainz 100% 100% BioNTech IVAC GmbH (previously BioNTech Business Services GmbH) Germany Mainz 100% 100% BioNTech Austria Beteiligungen GmbH Austria Vienna 100% 100% BioNTech Innovative Manufacturing Services GmbH Germany Idar- Oberstein 100% 100% reBOOST Management GmbH Germany Mainz 100% n/a JPT Peptide Technologies GmbH Germany Berlin 100% 100% JPT Inc. (previously TheraCode JPT Inc.) United States Acton 100% 100% BioNTech USA Holding LLC United States New York 100% n/a BioNTech Research and Development Inc. United States New York 100% n/a BioNTech Cell & Gene Therapies GmbH Germany Mainz 100% 94.50% BioNTech Real Estate Holding GmbH (previously Apta IT GmbH) Germany Holzkirchen 100% 100% BioNTech Real Estate Verwaltungs GmbH Germany Holzkirchen 100% 100% BioNTech Real Estate GmbH & Co. KG Germany Holzkirchen 100% 100% |
Summary of Information about Parent Company | ATHOS KG, Holzkirchen, Germany owns 100% of shares in AT Impf GmbH, Munich, Germany and is the beneficiary owner of BioNTech. AT Impf GmbH, Munich, Germany is the parent company of the Group and owned the following percentage of ordinary shares in BioNTech at the following dates as indicated: Ownership of ordinary shares in BioNTech (in %) Name Country of incorporation Registered office December 31, 2019 December 31, 2018 AT Impf GmbH Germany Munich 50.33% 54.16% |
Summary of Information about Entity with Significant Influence Over Group | Medine GmbH, Mainz owned the following percentage of ordinary shares in BioNTech at the following dates as indicated: Ownership of ordinary shares in BioNTech (in %) Name Country of incorporation Registered office December 31, 2019 December 31, 2018 Medine GmbH Germany Mainz 18.38% 21.57% |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Business Combinations [Abstract] | |
Summary of Fair Values of Identifiable Net Assets of MAB Discovery | The fair values of the identifiable net assets of MAB Discovery as at the date of acquisition were: Fair value recognized on acquisition (in thousands) MAB Discovery GmbH Assets Goodwill €2,205 Other intangible assets 2,711 Property, plant and equipment 999 Inventories 135 Total identifiable net assets at fair value €6,050 Cash flow on acquisition (in thousands) MAB Discovery GmbH Net cash acquired - Cash paid €6,050 Net cash flow on acquisition €(6,050) |
Income and Expenses (Tables)
Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis Of Income And Expense [Abstract] | |
Cost of Sales | Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €7,206 €6,726 €6,105 Laboratory supplies 3,845 1,368 2,849 Purchased services 1,986 2,514 - Depreciation and amortization 1,467 1,367 - Other 2,857 1,715 364 Total €17,361 €13,690 €9,318 |
Research and Development Expenses | Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €83,213 €45,668 €31,970 Purchased services 65,552 42,079 22,686 Laboratory supplies 37,218 22,921 15,762 Depreciation and amortization 27,533 18,312 9,859 Lease and lease related cost 2,527 2,404 3,475 IT costs 3,800 1,572 366 Travel costs 1,546 1,281 776 Transport costs 1,081 668 396 Job advertisement expenses 1,040 352 - Other 2,956 7,783 206 Total €226,466 €143,040 €85,496 |
Sales and Marketing Expenses | Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €1,938 €1,728 €1,631 Purchased services 247 794 2,771 Travel costs 88 267 260 Other 445 252 1,940 Total €2,718 €3,041 €6,603 |
General and Administrative Expenses | Years ended December 31, (in thousands) 2019 2018 2017 Wages, benefits and social security expense €19,122 €8,582 €9,861 Purchased services 6,419 5,177 3,544 IT and office equipment 4,573 3,774 2,706 Depreciation and amortization 4,855 2,284 630 Lease and lease related cost 1,715 1,012 1,611 Travel costs 1,391 1,043 247 Insurance premiums 1,061 145 99 Laboratory supplies 785 456 63 Job advertisement expenses 548 861 719 Other 5,078 3,000 4,039 Total €45,547 €26,334 €23,520 |
Other Operating Income | Years ended December 31, (in thousands) 2019 2018 2017 Government grants €1,547 €4,228 €2,266 Other 1,177 1,168 83 Total €2,724 €5,396 €2,349 |
Finance Income | Years ended December 31, (in thousands) 2019 2018 2017 Interest income €1,781 €1,996 €2,133 Foreign exchange gains (net) 2,341 6,050 - Total €4,122 €8,046 €2,133 |
Finance Expenses | Years ended December 31, (in thousands) 2019 2018 2017 Financial instruments measured at amortized cost €326 €48 €53 Foreign exchange loss (net) - - 25,955 Total €326 €48 €26,007 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Reconciliation of Tax Expense to Estimated Tax Rate | The following table illustrates the reconciliation of tax expense to the estimated tax rate for the periods indicated. The reconciliation for the year ended December 31, 2019 excludes an amount of k€28 for property tax expenses. Years ended December 31, (in thousands) 2019 2018 2017 Loss before tax €(179,440) €(47,662) €(85,905) Expected tax benefit (based on BioNTech`s statutory tax rate of 30.78%, 2018: 30.99%, 2017: 30.86%) 55,240 14,776 26,517 Effects Government grants exempted from taxes 48 28 17 Non-deductible expenses (58) (18) (22) Add-back for trade tax purposes (110) (96) (70) Non-recognition of tax-effect on share-based payment expenses (9,308) - - Tax-effective equity transaction costs 5,121 - - Utilization of tax losses - 1,165 - Non-recognition of deferred taxes on tax losses and temporary differences (51,197) (13,634) (26,015) Deviation valuation allowance prior year due to change tax rate 192 - - Effect from lower foreign income tax rate (102) - - Adjustment prior year tax 316 - - Other effects 154 (2,821) (472) Income tax expense €296 €(600) €(45) |
Summary of Deferred Taxes | Deferred taxes for the periods indicated relate to the following: Year ended December 31, 2019 (in thousands) January 1, 2019 Recognized in P&L December 31, 2019 Fixed assets €(90) €(565) €(655) Inventories - 596 596 Leases 306 206 512 Contract liabilities (prior year revenues) 28,441 (4,898) 23,543 Provisions 134 53 187 Other (incl. deferred expenses) 161 1,926 2,087 Deferred Tax Assets Net (before valuation) €28,951 €(2,681) €26,270 Valuation Adjustment (28,951) 2,681 (26,270) Deferred Tax Assets Net (after valuation) - - - Year ended December 31, 2018 (in thousands) January 1, 2018 Recognized in P&L December 31, 2018 Fixed assets €(877) €787 €(90) Inventories 83 (83) - Leases 83 223 306 Contract liabilities (prior year revenues) 16,631 11,810 28,441 Provisions 73 61 134 Other 684 (523) 161 Deferred Tax Assets Net (before valuation) €16,676 €12,275 €28,951 Valuation Adjustment (16,676) (12,275) (28,951) Deferred Tax Assets Net (after valuation) - - - |
Summary of Accumulated Tax Losses | Accumulated tax losses of the Group for the periods indicated amount to the following: Years ended December 31, (in thousands) 2019 2018 2017 Corporate Tax €356,044 €179,264 €178,491 Trade Tax 352,341 176,425 176,024 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Income and Share Data Used in the Basic and Diluted EPS Calculations | The following table reflects the income and share data used in the basic and diluted EPS calculations: Years ended December 31, (in thousands) 2019 2018 2017 Loss attributable to ordinary equity holders of the parent for basic earnings €(179,056) €(48,019) €(85,653) Weighted average number of ordinary shares for basic EPS 211,499 190,710 166,764 Effects of dilution from share options - - - Weighted average number of ordinary shares adjusted for the effect of dilution 211,499 190,710 166,764 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property Plant and Equipment | (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Acquisition and production costs As of January 1, 2018 €13,077 €58,080 €6,153 €77,310 Additions 8,925 11,322 6,154 26,401 Disposals - (858) - (858) Reclassifications 145 5,069 (5,216) - As of December 31, 2018 €22,147 €73,613 €7,091 €102,853 As of January 1, 2019 €22,147 €73,613 €7,091 €102,853 Additions 7,269 8,700 22,623 38,592 Disposals - (105) (10) (115) Reclassifications 53 - (53) - Currency differences - (1) 1 - Acquisition of subsidiaries and businesses, net of cash acquired - 999 - 999 As of December 31, 2019 €29,469 €83,206 €29,652 €142,329 (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Cumulative depreciation and impairment charges As of January 1, 2018 €5,690 €22,013 - €27,703 Depreciation 782 8,349 - 9,131 Disposals - (182) - (182) As of December 31, 2018 €6,472 €30,180 - €36,652 As of January 1, 2019 €6,472 €30,180 - €36,652 Depreciation 1,854 10,861 - 12,715 Disposals - (79) - (79) Currency differences - (3) - (3) As of December 31, 2019 €8,326 €40,959 - €49,285 (in thousands) Land and buildings Equipment, tools and installations Construction in progress and advance payments Total Carrying amount As of January 1, 2018 €7,387 €36,067 €6,153 €49,606 As of December 31, 2018 €15,675 €43,433 €7,091 €66,200 As of December 31, 2019 €21,143 €42,247 €29,652 €93,044 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Detailed Information About Intangible Assets | (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Acquisition costs As of January 1, 2018 €534 €85,271 €3,565 €89,370 Additions - 12,150 3,128 15,278 Disposals - - (765) (765) Reclassifications - 4,431 (4,431) - As of December 31, 2018 €534 €101,853 €1,497 €103,883 As of January 1, 2019 €534 €101,853 €1,497 €103,883 Additions - 11,744 1,529 13,273 Disposals - (133) (477) (610) Reclassifications - 146 (146) - Currency differences - (23) - (23) Acquisition of subsidiaries and businesses, net of cash acquired 2,444 2,726 - 5,170 As of December 31, 2019 €2,978 €116,313 €2,403 €121,693 (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Cumulative depreciation and impairment charges As of January 1, 2018 - €5,833 - €5,833 Depreciation - 10,009 - 10,009 As of December 31, 2018 - €15,842 - €15,842 As of January 1, 2019 - €15,842 - €15,842 Depreciation - 16,502 - 16,502 Disposals - (81) - (81) Currency differences - (3) - (3) As of December 31, 2019 - €32,260 - €32,260 (in thousands) Goodwill Concessions, licenses and similar rights Advance payments Total Carrying amount As of January 1, 2018 €534 €79,438 €3,565 €83,537 As of December 31, 2018 €534 €86,011 €1,497 €88,042 As of December 31, 2019 €2,978 €84,053 €2,403 €89,434 |
Summary of Goodwill Recognized | The goodwill acquired in the respective business combinations for the dates indicated is presented in the following table: MAB Discovery JPT Peptide Technologies reBOOST Total (in thousands) As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Goodwill €2,205 - €534 €534 €239 - €2,978 €534 |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Cash and Cash Equivalents | (in thousands) December 31, 2019 December 31, 2018 Cash and cash equivalents at banks and on hand €519,149 €411,495 Total €519,149 €411,495 |
Summary of Financial Assets at Amortized Cost | (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Other financial assets and receivables 1,680 354 Total €13,593 €19,292 Total current 13,593 19,273 Total non-current - 18 |
Summary of Financial Liabilities at Amortized Cost | (in thousands) Maturity December 31, 2019 December 31, 2018 Trade payables €19,909 €41,721 Lease liabilities 56,683 50,752 2.15% € 10,000,000 secured bank loan 12/30/2027 9,000 4,000 2.08% € 9,450,000 secured bank loan 09/30/2028 7,600 1,600 Other financial liabilities 11,551 6,132 Total €104,743 €104,205 Total current 35,699 49,987 Total non-current 69,044 54,218 |
Summary of Carrying Amount of Monetary Assets | The carrying amount of the monetary assets (the Group’s cash and cash equivalents) of BioNTech denominated in foreign currencies at the dates indicated are as follows: (in thousands) December 31, 2019 December 31, 2018 USD Bank accounts €213,913 €176,376 Total €213,913 €176,376 |
Summary of Effect of Changes in Foreign Exchange Rates | 1 € = Closing rate Average rate Currency Country 2019 2018 2019 2018 USD United States 1.1234 1.1450 1.1195 1.1810 (in thousands) Change in USD rate Effect on loss before tax Effect on pre-tax equity 2019 +5 % €(10,186) €(10,186) 2019 -5% €11,259 €11,259 2018 +5 % €(8,399) €(8,399) 2018 -5% €9,283 €9,283 |
Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments | The maturity profile of the Group’s financial liabilities based on contractual undiscounted payments is summarized as follows: Year ended December 31, 2019 (in thousands) Less than 1 year 1 to 5 years More than 5 years Total Interest bearing loans and borrowings €2,220 €10,693 €8,355 €21,268 Trade and other payables €20,498 - - €20,498 Lease liabilities €5,176 €17,882 €55,852 €78,910 Other financial liabilities €10,351 - - €10,351 Total €38,245 €28,575 €64,207 €131,027 Year ended December 31, 2018 (in thousands) Less than 1 year 1 to 5 years More than 5 years Total Interest bearing loans and borrowings - €5,600 - €5,600 Trade and other payables 41,721 - - 41,721 Lease liabilities 3,822 13,346 56,524 73,692 Other financial liabilities 6,132 - - 6,132 Total €51,675 €18,946 €56,524 €127,145 |
Summary of Changes in Liabilities Arising From Financing Activities | Year ended December 31, 2019 (in thousands) January 1, 2019 Cash flows New leases and disposals Reclassification December 31, 2019 Current obligations under lease contracts €2,134 €(3,061) €1,484 €2,928 €3,485 Non-current obligations under lease contracts 48,618 - 8,437 (2,928) 54,127 Interest-bearing loans and borrowings 5,600 11,000 - - 16,600 Total €56,352 €7,939 €9,921 - €74,212 Year ended December 31, 2018 (in thousands) January 1, 2018 Cash flows New leases and disposals Reclassification December 31, 2018 Current obligations under lease contracts €1,832 €(2,126) €296 €2,132 €2,134 Non-current obligations under lease contracts 50,349 - 401 (2,132) 48,618 Interest-bearing loans and borrowings - 5,600 - - 5,600 Total €52,182 €3,474 €697 - €56,352 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Summary of Inventories | (in thousands) December 31, 2019 December 31, 2018 Raw materials and supplies €8,201 €4,475 Unfinished goods 2,888 80 Finished goods 633 1,234 Total €11,722 €5,789 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Summary of Trade Receivables | (in thousands) December 31, 2019 December 31, 2018 Trade receivables €11,913 €18,938 Total €11,913 €18,938 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Current Assets [Abstract] | |
Summary of Other Assets | (in thousands) December 31, 2019 December 31, 2018 Sales tax receivable €7,536 €8,611 Prepayments on inventories 351 155 Other 1,182 398 Total €9,069 €9,164 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Chief Executive Officer Grant | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Inputs Used in Measurement of Fair Value at Grant Date | The inputs used in the measurement of the fair value at grant date of the Chief Executive Officer Grant were as follows: Grant date October 10, 2019 Weighted average fair value €5.63 Weighted average share price €13.60 Exercise price €13.60 Expected volatility (%) 41.4% Expected life (years) 5.37 Risk-free interest rate (%) 1.52 % |
Schedule of Number and Weighted-Average Exercise Price of Share Options | The number and weighted-average exercise price of share options under the Chief Executive Officer Grant during the year ended December 31, 2019 were as follows: Share options outstanding Number of Ordinary Shares underlying options Weighted average exercise price (€) As of January 1, 2019 - - - Granted 4,374,963 4,374,963 13.60 As of December 31, 2019 4,374,963 4,374,963 13.60 |
Schedule of Expense Recognized for Employee Services Received | The expense recognized for employee services received during the year ended December 31, 2019 is shown in the following table: Year ended December 31, (in thousands) 2019 Research and development expenses €3,208 Total €3,208 |
Employee Stock Ownership Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Inputs Used in Measurement of Fair Value at Grant Date | The inputs used in the measurement of the fair values at grant date of the ESOP was as follows: Grant date 15 November 2018 Grant dates between February 21 - April 3, 2019 Grant dates between April 29 - May 31, 2019 Grant date December 1, 2019 Weighted average fair value €7.41 €6.93 €7.04 €9.49 Weighted average share price €14.40 €15.72 €16.03 €19.84 Exercise price €10.14 €15.03 €15.39 €15.82 Expected volatility (%) 46.0% 46.0% 46.0% 46.0% Expected life (years) 5.84 6.00 6.00 5.50 Risk-free interest rate (%) 0.05% 0.05% 0.05% 0.05% |
Schedule of Number and Weighted-Average Exercise Price of Share Options | The number and weighted-average exercise prices of share options under the ESOP during the years ended December 31, 2019 and December 31, 2018 were as follows: Share options outstanding Number of Ordinary Shares underlying options Weighted average exercise price (€) As of January 1, 2018 - - - Granted 658,109 11,845,962 10.14 As of December 31, 2018 658,109 11,845,962 10.14 As of January 1, 2019 658,109 11,845,962 10.14 Granted 14,511 261,198 15.17 Forfeited (17,237) (310,266) 10.85 As of December 31, 2019 655,383 11,796,894 10.23 |
Schedule of Expense Recognized for Employee Services Received | The expense recognized for employee services received during the years ended December 31, 2019 and December 31, 2018 is shown in the following table: Years ended December 31, (in thousands) 2019 2018 Cost of sales €896 €114 Research and development expenses 20,016 6,786 Sales and marketing expenses 108 13 General and administrative expenses 6,008 728 Total €27,028 €7,641 The expense recognized for employee services received during the year ended December 31, 2017 is shown in the following table: Year ended December 31, (in thousands) 2017 Cost of sales - Research and development expenses 3,620 Sales and marketing expenses 14 General and administrative expenses 2,275 Total €5,909 |
Share Appreciation Right | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Inputs Used in Measurement of Fair Value at Grant Date | The inputs used in the measurement of the fair values at grant date of the SARs were as follows: Grant date 1 December 2017 Fair value 10.13€ Exercise price 10.13€ WACC 8.2% Tax rate 31.2% Debt free net working capital (in % of sales) 5.5% Risk-free interest rate (%) 1.2% Long-term growth rate (%) 1.8% |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Current Liabilities [Abstract] | |
Summary of Other Liabilities | (in thousands) December 31, 2019 December 31, 2018 Liabilities employees €6,710 €5,236 Other 780 3,864 Total €7,490 €9,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation Of Leases For Lessee [Abstract] | |
Summary of Right-of-Use Assets within Statement of Financial Positions | The following amounts are presented as right-of-use assets within the statement of financial positions as of the dates indicated: December 31, 2019 December 31, 2018 Buildings €54,956 €49,718 Equipment, tools and installations 7 21 Automobiles 55 27 Total €55,018 €49,766 |
Summary of Other Financial Liabilities | The following amounts are included in other financial liabilities as of the dates indicated: (in thousands) December 31, 2019 December 31, 2018 Current €3,485 €2,134 Non-current 54,127 48,618 Total €57,612 €50,752 |
Summary of Amounts Recognized in Consolidated Statement of Operations | Years ended December 31, (in thousands) 2019 2018 2017 Buildings €4,614 €2,751 €1,759 Equipment, tools and installations 25 60 111 Automobiles 40 35 39 Total depreciation charge €4,679 €2,846 €1,909 Interest on lease liabilities €1,718 €1,721 €676 Expense related to short-term leases (included in other expenses) 442 431 442 Expense relating to leases of low-value assets that are not short-term leases (included in other expenses) 90 90 95 Total amounts recognized in profit or loss €6,929 €5,088 €3,122 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Reconciliation of Segment Figures to Group Figure | The table below reconciles segment figures to Group figures for the periods indicated: Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2019 Revenues Collaboration Revenues €33,493 €2,147 €48,788 - - €84,428 €84,428 Revenues from other sales transactions - 692 2 - 23,467 24,161 24,161 Cost of sales - - - - (16,923) (16,923) (438) (17,361) Gross profit €33,493 €2,839 €48,790 - €6,544 €91,666 €(438) €91,228 Income / Expenses Research and development expenses (91,516) (79,119) (50,478) (5,192) (600) (226,905) 439 (226,466) Sales and marketing expenses - - - (1,302) (1,415) (2,717) (1) (2,718) General and administrative expenses - - (3,821) (38,756) (2,970) (45,547) - (45,547) Other result 1,125 307 59 23 468 1,982 3 1,985 Segment operating income / (loss) €(56,898) €(75,973) €(5,450) €(45,227) €2,027 €(181,521) €3 €(181,518) Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2018 Revenues Collaboration Revenues €36,750 €39,452 €25,635 - - €101,837 €101,837 Revenues from other sales transactions - 6,783 - 42 18,914 25,738 25,738 Cost of sales - - - (40) (13,358) (13,398) (292) (13,690) Gross profit €36,750 €46,235 €25,635 €2 €5,556 €114,177 €(292) €113,885 Income / Expenses Research and development expenses (48,641) (60,320) (31,508) (1,979) (884) (143,332) 292 (143,040) Sales and marketing expenses - - - (2,106) (935) (3,041) - (3,041) General and administrative expenses - - (2,558) (21,233) (2,542) (26,334) - (26,334) Other result 3,772 178 30 85 559 4,624 52 4,676 Segment operating income / (loss) €(8,119) €(13,908) €(8,401) €(25,231) €1,753 €(53,906) €52 €(53,854) Business Unit BioNTech External Services Business Unit (in thousands) Clinical Technology Platform Manufacturing Business Service Product Sales & External Services Total Adjustments Group Year ended December 31, 2017 Revenues Collaboration Revenues €25,721 €14,504 €2,108 - - €42,333 - €42,333 Revenues from other sales transactions - 324 - - 18,941 19,265 - 19,265 Cost of sales - - - - (9,318) (9,318) - (9,318) Gross profit €25,721 €14,828 €2,108 - €9,623 €52,280 - €52,280 Income / Expenses Research and development expenses (25,099) (37,019) (14,764) (6,701) (1,912) (85,496) - (85,496) Sales and marketing expenses - - - (4,904) (1,698) (6,603) - (6,603) General and administrative expenses - - (785) (20,309) (2,427) (23,520) - (23,520) Other result - 777 - 820 463 2,061 - 2,061 Segment operating income / (loss) €623 €(21,414) €(13,441) €(31,094) €4,049 €(61,277) - €(61,277) |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Summary of Compensation of Key Management Personnel | Key management personnel compensation is comprised of the following: Compensation of key management personnel of the Group (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Short-term employee benefits €1,847 €1,161 €880 Share-based payment transactions 18,151 6,163 1,855 Total compensation paid to key management personnel €19,998 €7,324 €2,735 The aggregate value of transactions related to key management personnel were as follows for the periods indicated: (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Consulting services / patent assignment €56 €25 €25 Purchases of various goods and services from TRON 9,968 11,160 6,553 Total €10,024 €11,185 €6,578 The outstanding balances of transactions related to key management personnel were as follows as at the periods indicated: (in thousands) December 31, 2019 December 31, 2018 TRON €1,843 €2,160 Total €1,843 €2,160 |
Summary of Transactions Between Other Related Parties | The total amount of transactions with ATHOS KG or entities controlled by them was as follows for the periods indicated: (in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Purchases of various goods and services from entities controlled by ATHOS KG €2,071 €2,431 €1,240 Purchases of property and other assets from entities controlled by ATHOS KG - 4,748 - Total €2,071 €7,179 €1,240 The outstanding balances of transactions with ATHOS KG or entities controlled by them were as follows as at the periods indicated: (in thousands) December 31, 2019 December 31, 2018 ATHOS KG €51 €587 Total €51 €587 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Payment terms in contracts with customers | Payments from customers are due within 20 days (Europe) or 30 days (non-Europe) after invoice. |
Financial liabilities measured at fair value through profit or loss | € 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Useful Lives Applied to the Group's Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | Minimum | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Useful life (Years) | 7 years |
Buildings | Maximum | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Useful life (Years) | 33 years |
Equipment, Tools and Installations | Minimum | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Useful life (Years) | 3 years |
Equipment, Tools and Installations | Maximum | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property, plant and equipment, Useful life (Years) | 15 years |
Significant Accounting Polici_6
Significant Accounting Policies - Useful Lives Applied to the Group's Right-of-use Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | Buildings | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 2 years |
Minimum | Equipment, Tools and Installations | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 2 years |
Minimum | Automobiles | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 3 years |
Maximum | Buildings | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 25 years |
Maximum | Equipment, Tools and Installations | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 5 years |
Maximum | Automobiles | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Right-of-use assets, Useful life (Years) | 4 years |
Significant Accounting Polici_7
Significant Accounting Policies - Useful Lives Applied to the Group's Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | Intellectual Property Rights | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 10 years |
Minimum | Licenses | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 3 years |
Maximum | Intellectual Property Rights | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 20 years |
Maximum | Licenses | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 20 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Disaggregation of Revenue from Contracts with Customers (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 108,589 | € 127,575 | € 61,598 |
Collaboration and License Agreement | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 84,428 | 101,837 | 42,333 |
Collaboration and License Agreement | Genentech Inc. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 64,026 | 49,536 | 27,829 |
Collaboration and License Agreement | Pfizer Inc. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 14,348 | 7,174 | |
Collaboration and License Agreement | Sanofi S.A. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 4,233 | 41,712 | 5,665 |
Collaboration and License Agreement | Genmab A/S | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 2,740 | 6,765 | |
Collaboration and License Agreement | Eli Lilly and Company | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 1,821 | 676 | 2,074 |
Other Sales Transactions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 24,161 | € 25,738 | € 19,265 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 108,589,000 | € 127,575,000 | € 61,598,000 |
Contract liabilities | 190,692,000 | 271,674,000 | |
Deferred revenue recognized included in contract liabilities | € 82,607,000 | 65,068,000 | 40,428,000 |
Description of when entity typically satisfies performance obligations | BioNTech accounts for its promises to grant licenses as performance obligations satisfied over time as the customers simultaneously receive and consume the benefit of BioNTech’s performance of providing access to its intellectual property as the performance occurs. BioNTech recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation according to the method that demonstrates BioNTech’s performance towards complete satisfaction. In contracts in which the costs vary based on the stage of research, an input-based measure considering cost incurred depicts most reliably the progress of the related research activities. In other contracts, revenue recognition on a straight-line basis most reliably depicts BioNTech’s performance toward complete satisfaction. In case the contractual activities progress, the achievement of development milestones will be used to measure the progress toward complete satisfaction. | ||
Description of deferred revenue allocated to the remaining performance obligations | The deferred revenue allocated to the remaining performance obligations does not contain deferred revenues of performance obligations which are part of contracts that have an original expected duration of one year or less or of performance obligations for which the consideration from the customer corresponds directly to the value to the customer of BioNTech’s performance to date at an amount of k€3,130 (December 31, 2018: k€1,505). | ||
Deferred revenue allocated to the remaining performance obligations | € 3,130,000 | € 1,505,000 | |
Minimum | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Trade receivable maturity period | 20 days | ||
Maximum | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Trade receivable maturity period | 30 days | ||
Sanofi S.A. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Percentage of reimbursement of sublicense costs | 50.00% | ||
Sublicense agreement date | Dec. 22, 2018 | ||
Sanofi S.A. | Cellscript Sublicense | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 33,177,000 | ||
Collaboration and License Agreement | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 84,428,000 | 101,837,000 | 42,333,000 |
Upfront fees or unconditional right of consideration from collaboration and license agreements | 0 | 41,120,000 | |
Deferred revenue recognized included in contract liabilities | 82,607,000 | 65,068,000 | |
Collaboration and License Agreement | Genentech Inc. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Payments from customers | 279,542,000 | ||
Revenues from contracts with customers | 64,026,000 | 49,536,000 | 27,829,000 |
Contract liabilities | 131,556,000 | 195,582,000 | |
Collaboration and License Agreement | Sanofi S.A. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Payments from customers | 59,560,000 | ||
Revenues from contracts with customers | 4,233,000 | 41,712,000 | 5,665,000 |
Contract liabilities | 34,483,000 | 38,716,000 | |
Collaboration and License Agreement | Pfizer Inc. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Payments from customers | 43,044,000 | ||
Revenues from contracts with customers | 14,348,000 | 7,174,000 | |
Contract liabilities | 21,522,000 | 35,870,000 | |
Collaboration and License Agreement | Eli Lilly and Company | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 1,821,000 | 676,000 | 2,074,000 |
Collaboration Agreement | Sanofi S.A. | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | 4,233,000 | € 8,535,000 | € 5,665,000 |
Bill and Hold Transaction | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenues from contracts with customers | € 1,059,000 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Transactions Resulting from Product Sales Included within Revenue from Other Sales Transactions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Product sales of JPT Peptide Technologies GmbH | € 108,589 | € 127,575 | € 61,598 |
Other Sales Transactions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Product sales of JPT Peptide Technologies GmbH | 24,161 | 25,738 | 19,265 |
Other Sales Transactions | JPT Peptide Technologies GmbH | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Product sales of JPT Peptide Technologies GmbH | € 12,111 | € 10,748 | € 10,652 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Contract Balances (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Trade receivables | € 11,913 | € 18,938 |
Contract liabilities | € 190,692 | € 271,674 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Revenue Recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |||
Amounts included in contract liabilities at the beginning of the year | € 82,607 | € 65,068 | € 40,428 |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Summary of Deferred Revenue Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Performance Obligations [Line Items] | ||
Contract liabilities | € 190,692 | € 271,674 |
Unsatisfied Or Partially Unsatisfied | ||
Disclosure Of Performance Obligations [Line Items] | ||
Contract liabilities | 187,562 | 270,169 |
Within One Year | Unsatisfied Or Partially Unsatisfied | ||
Disclosure Of Performance Obligations [Line Items] | ||
Contract liabilities | 90,453 | 64,522 |
More Than One Year | Unsatisfied Or Partially Unsatisfied | ||
Disclosure Of Performance Obligations [Line Items] | ||
Contract liabilities | € 97,109 | € 205,647 |
Group Information - Summary of
Group Information - Summary of Information about Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
BioNTech RNA Pharmaceuticals GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | 100.00% |
BioNTech Delivery Technologies GmbH (previously BioNTech Protein Therapeutics GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Halle (previously Mainz) | |
% equity interest | 100.00% | 100.00% |
BioNTech Diagnostics GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | 100.00% |
BioNTech Small Molecules GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | 100.00% |
BioNTech IVAC GmbH (previously BioNTech Business Services GmbH) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | 100.00% |
BioNTech Austria Beteiligungen GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Austria | |
Registered office | Vienna | |
% equity interest | 100.00% | 100.00% |
BioNTech Innovative Manufacturing Services GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Idar- Oberstein | |
% equity interest | 100.00% | 100.00% |
reBOOST Management GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | |
JPT Peptide Technologies GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Berlin | |
% equity interest | 100.00% | 100.00% |
JPT Inc. (previously TheraCode JPT Inc.) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Registered office | Acton | |
% equity interest | 100.00% | 100.00% |
BioNTech USA Holding LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Registered office | New York | |
% equity interest | 100.00% | |
BioNTech Research and Development Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | United States | |
Registered office | New York | |
% equity interest | 100.00% | |
BioNTech Cell & Gene Therapies GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
% equity interest | 100.00% | 94.50% |
BioNTech Real Estate Holding GmbH (Previously Apta IT GmbH) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Holzkirchen | |
% equity interest | 100.00% | 100.00% |
BioNTech Real Estate Verwaltungs GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Holzkirchen | |
% equity interest | 100.00% | 100.00% |
BioNTech Real Estate GmbH & Co. KG | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Holzkirchen | |
% equity interest | 100.00% | 100.00% |
Group Information - Additional
Group Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019Entity | |
AT Impf GmbH | ATHOS KG | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
% equity interest | 100.00% |
BioNTech USA Holding, LLC and BioNTech Research & Development, Inc. | reBOOST Management GmbH | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Number of entities | 3 |
Group Information - Summary o_2
Group Information - Summary of Information about Parent Company (Details) - BioNTech - AT Impf GmbH | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Munich | |
Ownership of ordinary shares in BioNTech | 50.33% | 54.16% |
Group Information - Summary o_3
Group Information - Summary of Information about Entity with Significant Influence Over Group (Details) - BioNTech - Medine GmbH | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Germany | |
Registered office | Mainz | |
Ownership of ordinary shares in BioNTech | 18.38% | 21.57% |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - EUR (€) | Aug. 29, 2019 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 01, 2019 |
Disclosure Of Business Combinations [Line Items] | ||||||||
Loss before tax | € 179,440,000 | € 47,662,000 | € 85,905,000 | |||||
Revenues | € 108,589,000 | € 127,575,000 | € 61,598,000 | |||||
MAB Discovery GmbH | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Name of acquiree | MAB Discovery GmbH | |||||||
Total consideration | € 6,050,000 | € 6,050,000 | ||||||
Date of acquisition | Apr. 1, 2019 | |||||||
Revenues | € 0 | |||||||
Transaction costs | € 91,000 | |||||||
MAB Discovery GmbH | ProForma | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Revenues | 0 | |||||||
MAB Discovery GmbH | Technology Platform Business Segment | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Loss before tax | € 4,299,000 | |||||||
MAB Discovery GmbH | Technology Platform Business Segment | ProForma | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Loss before tax | € 5,232,000 | |||||||
reBOOST Management GmbH | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Name of acquiree | reBOOST Management GmbH | |||||||
Total consideration | € 279,000 | |||||||
Date of acquisition | Sep. 2, 2019 | |||||||
Revenues | € 0 | |||||||
Cash consideration | € 31,000 | |||||||
Assumption of liabilities | € 248,000 | |||||||
reBOOST Management GmbH | ProForma | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Revenues | € 0 | |||||||
reBOOST Management GmbH | Technology Platform Business Segment | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Loss before tax | € 213,000 | |||||||
reBOOST Management GmbH | Technology Platform Business Segment | ProForma | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Loss before tax | € 237,000 |
Business Combinations - Summary
Business Combinations - Summary of Fair Values of Identifiable Net Assets of MAB Discovery (Details) - EUR (€) € in Thousands | Apr. 01, 2019 | Dec. 31, 2019 | Jan. 31, 2019 |
Assets | |||
Net cash flow on acquisition | € (6,056) | ||
MAB Discovery GmbH | |||
Assets | |||
Goodwill | € 2,205 | ||
Other intangible assets | 2,711 | ||
Property, plant and equipment | 999 | ||
Inventories | 135 | ||
Total identifiable net assets at fair value | 6,050 | € 6,050 | |
Cash paid | 6,050 | ||
Net cash flow on acquisition | € (6,050) |
Income and Expenses - Cost of S
Income and Expenses - Cost of Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | € 17,361 | € 13,690 | € 9,318 |
Wages, Benefits and Social Security Expense | |||
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | 7,206 | 6,726 | 6,105 |
Laboratory Supplies | |||
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | 3,845 | 1,368 | 2,849 |
Purchased Services | |||
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | 1,986 | 2,514 | |
Other | |||
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | 2,857 | 1,715 | € 364 |
Depreciation and Amortization | |||
Disclosure Of Income And Expenses [Line Items] | |||
Costs of sales | € 1,467 | € 1,367 |
Income and Expenses - Research
Income and Expenses - Research and Development Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | € 226,466 | € 143,040 | € 85,496 |
Depreciation and Amortization | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 27,533 | 18,312 | 9,859 |
Wages, Benefits and Social Security Expense | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 83,213 | 45,668 | 31,970 |
Laboratory Supplies | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 37,218 | 22,921 | 15,762 |
Purchased Services | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 65,552 | 42,079 | 22,686 |
Lease and Lease Related Cost | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 2,527 | 2,404 | 3,475 |
Other | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 2,956 | 7,783 | 206 |
IT Costs | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 3,800 | 1,572 | 366 |
Travel Costs | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 1,546 | 1,281 | 776 |
Transport Costs | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | 1,081 | 668 | € 396 |
Job Advertisement Expenses | |||
Disclosure Of Income And Expenses [Line Items] | |||
Research and development expenses | € 1,040 | € 352 |
Income and Expenses - Sales and
Income and Expenses - Sales and Marketing Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income And Expenses [Line Items] | |||
Sales and marketing expenses | € 2,718 | € 3,041 | € 6,603 |
Wages, Benefits and Social Security Expense | |||
Disclosure Of Income And Expenses [Line Items] | |||
Sales and marketing expenses | 1,938 | 1,728 | 1,631 |
Purchased Services | |||
Disclosure Of Income And Expenses [Line Items] | |||
Sales and marketing expenses | 247 | 794 | 2,771 |
Travel Costs | |||
Disclosure Of Income And Expenses [Line Items] | |||
Sales and marketing expenses | 88 | 267 | 260 |
Other | |||
Disclosure Of Income And Expenses [Line Items] | |||
Sales and marketing expenses | € 445 | € 252 | € 1,940 |
Income and Expenses - General a
Income and Expenses - General and Administrative Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | € 45,547 | € 26,334 | € 23,520 |
Wages, Benefits and Social Security Expense | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 19,122 | 8,582 | 9,861 |
Purchased Services | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 6,419 | 5,177 | 3,544 |
Lease and Lease Related Cost | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 1,715 | 1,012 | 1,611 |
Other | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 5,078 | 3,000 | 4,039 |
Travel Costs | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 1,391 | 1,043 | 247 |
Insurance Premiums | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 1,061 | 145 | 99 |
Laboratory Supplies | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 785 | 456 | 63 |
Job Advertisement Expenses | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 548 | 861 | 719 |
IT and Office Equipment | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | 4,573 | 3,774 | 2,706 |
Depreciation and Amortization | |||
Disclosure Of Income And Expenses [Line Items] | |||
General and administrative expenses | € 4,855 | € 2,284 | € 630 |
Income and Expenses - Other Ope
Income and Expenses - Other Operating Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income And Expenses [Line Items] | |||
Other operating income | € 2,724 | € 5,396 | € 2,349 |
Government Grants | |||
Disclosure Of Income And Expenses [Line Items] | |||
Other operating income | 1,547 | 4,228 | 2,266 |
Other | |||
Disclosure Of Income And Expenses [Line Items] | |||
Other operating income | € 1,177 | € 1,168 | € 83 |
Income and Expenses - Finance I
Income and Expenses - Finance Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Interest income | € 1,781 | € 1,996 | € 2,133 |
Foreign exchange gains (net) | 2,341 | 6,050 | |
Total | € 4,122 | € 8,046 | € 2,133 |
Income and Expenses - Finance E
Income and Expenses - Finance Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Financial instruments measured at amortized cost | € 326 | € 48 | € 53 |
Foreign exchange loss (net) | 25,955 | ||
Total | € 326 | € 48 | € 26,007 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Abstract] | |
Property tax expense | € 28,000 |
Deferred tax assets for unused tax losses recognized | € 0 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation of Tax Expense to Estimated Tax Rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major Components Of Tax Expense Income [Abstract] | |||
Loss before tax | € (179,440) | € (47,662) | € (85,905) |
Expected tax benefit (based on BioNTech`s statutory tax rate of 30.78%, 2018: 30.99%, 2017: 30.86%) | 55,240 | 14,776 | 26,517 |
Effects | |||
Government grants exempted from taxes | 48 | 28 | 17 |
Non-deductible expenses | (58) | (18) | (22) |
Add-back for trade tax purposes | (110) | (96) | (70) |
Non-recognition of tax-effect on share-based payment expenses | (9,308) | ||
Tax-effective equity transaction costs | 5,121 | ||
Utilization of tax losses | 1,165 | ||
Non-recognition of deferred taxes on tax losses and temporary differences | (51,197) | (13,634) | (26,015) |
Deviation valuation allowance prior year due to change tax rate | 192 | ||
Effect from lower foreign income tax rate | (102) | ||
Adjustment prior year tax | 316 | ||
Other effects | 154 | (2,821) | (472) |
Income tax expense | 268 | € (600) | € (45) |
Income tax expense excluding property tax | € 296 |
Income Tax - Summary of Recon_2
Income Tax - Summary of Reconciliation of Tax Expense to Estimated Tax Rate (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major Components Of Tax Expense Income [Abstract] | |||
Statutory tax rate | 30.78% | 30.99% | 30.86% |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Taxes (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross Carrying Amount | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | € 28,951 | € 16,676 |
Recognized in P&L | (2,681) | 12,275 |
Deferred tax assets net | 26,270 | 28,951 |
Gross Carrying Amount | Fixed assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | (90) | (877) |
Recognized in P&L | (565) | 787 |
Deferred tax assets net | (655) | (90) |
Gross Carrying Amount | Leases | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | 306 | 83 |
Recognized in P&L | 206 | 223 |
Deferred tax assets net | 512 | 306 |
Gross Carrying Amount | Inventories | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | 83 | |
Recognized in P&L | 596 | (83) |
Deferred tax assets net | 596 | |
Gross Carrying Amount | Contract liabilities (prior year revenues) | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | 28,441 | 16,631 |
Recognized in P&L | (4,898) | 11,810 |
Deferred tax assets net | 23,543 | 28,441 |
Gross Carrying Amount | Provisions | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | 134 | 73 |
Recognized in P&L | 53 | 61 |
Deferred tax assets net | 187 | 134 |
Gross Carrying Amount | Other (incl. deferred expenses) | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | 161 | 684 |
Recognized in P&L | 1,926 | (523) |
Deferred tax assets net | 2,087 | 161 |
Valuation Adjustment | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets net | (28,951) | (16,676) |
Recognized in P&L | 2,681 | (12,275) |
Deferred tax assets net | € (26,270) | € (28,951) |
Income Tax - Summary of Accumul
Income Tax - Summary of Accumulated Tax Losses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Abstract] | |||
Corporate Tax | € 356,044 | € 179,264 | € 178,491 |
Trade Tax | € 352,341 | € 176,425 | € 176,024 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | Sep. 18, 2019shares |
Earnings Per Share [Abstract] | |
Shares issued during period stock split | 206,595,492 |
Stock split ratio | 0.05556 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Income and Share Data Used in the Basic and Diluted EPS Calculations (Details) - EUR (€) € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Loss attributable to ordinary equity holders of the parent for basic earnings | € (179,056) | € (48,019) | € (85,653) |
Weighted average number of ordinary shares for basic EPS | 211,499 | 190,710 | 166,764 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 211,499 | 190,710 | 166,764 |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Property Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | € 66,200 | € 49,606 |
Acquisition of subsidiaries and businesses, net of cash acquired | 999 | |
Property plant and equipment, Ending balance | 93,044 | 66,200 |
Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 102,853 | 77,310 |
Additions | 38,592 | 26,401 |
Disposals | (115) | (858) |
Property plant and equipment, Ending balance | 142,329 | 102,853 |
Cumulative Depreciation and Impairment Charges | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 36,652 | 27,703 |
Depreciation | 12,715 | 9,131 |
Disposals | (79) | (182) |
Currency differences | (3) | |
Property plant and equipment, Ending balance | 49,285 | 36,652 |
Land and Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 15,675 | 7,387 |
Property plant and equipment, Ending balance | 21,143 | 15,675 |
Land and Buildings | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 22,147 | 13,077 |
Additions | 7,269 | 8,925 |
Reclassifications | 53 | 145 |
Property plant and equipment, Ending balance | 29,469 | 22,147 |
Land and Buildings | Cumulative Depreciation and Impairment Charges | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 6,472 | 5,690 |
Depreciation | 1,854 | 782 |
Property plant and equipment, Ending balance | 8,326 | 6,472 |
Equipment, Tools and Installations | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 43,433 | 36,067 |
Acquisition of subsidiaries and businesses, net of cash acquired | 999 | |
Property plant and equipment, Ending balance | 42,247 | 43,433 |
Equipment, Tools and Installations | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 73,613 | 58,080 |
Additions | 8,700 | 11,322 |
Disposals | (105) | (858) |
Reclassifications | 5,069 | |
Currency differences | (1) | |
Property plant and equipment, Ending balance | 83,206 | 73,613 |
Equipment, Tools and Installations | Cumulative Depreciation and Impairment Charges | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 30,180 | 22,013 |
Depreciation | 10,861 | 8,349 |
Disposals | (79) | (182) |
Currency differences | (3) | |
Property plant and equipment, Ending balance | 40,959 | 30,180 |
Construction in Progress and Advance Payments | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 7,091 | 6,153 |
Property plant and equipment, Ending balance | 29,652 | 7,091 |
Construction in Progress and Advance Payments | Gross Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property plant and equipment, Beginning balance | 7,091 | 6,153 |
Additions | 22,623 | 6,154 |
Disposals | (10) | |
Reclassifications | (53) | (5,216) |
Currency differences | 1 | |
Property plant and equipment, Ending balance | € 29,652 | € 7,091 |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information About Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | € 88,042 | € 83,537 |
Ending Balance | 89,434 | 88,042 |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 534 | 534 |
Ending Balance | 2,978 | 534 |
Concessions, Licenses and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 86,011 | 79,438 |
Ending Balance | 84,053 | 86,011 |
Advance Payments | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 1,497 | 3,565 |
Ending Balance | 2,403 | 1,497 |
Gross Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 103,883 | 89,370 |
Additions | 13,273 | 15,278 |
Disposals | (610) | (765) |
Currency differences | (23) | |
Acquisition of subsidiaries and businesses, net of cash acquired | 5,170 | |
Ending Balance | 121,693 | 103,883 |
Gross Carrying Amount | Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 534 | 534 |
Acquisition of subsidiaries and businesses, net of cash acquired | 2,444 | |
Ending Balance | 2,978 | 534 |
Gross Carrying Amount | Concessions, Licenses and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 101,853 | 85,271 |
Additions | 11,744 | 12,150 |
Disposals | (133) | |
Reclassifications | 146 | 4,431 |
Currency differences | (23) | |
Acquisition of subsidiaries and businesses, net of cash acquired | 2,726 | |
Ending Balance | 116,313 | 101,853 |
Gross Carrying Amount | Advance Payments | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 1,497 | 3,565 |
Additions | 1,529 | 3,128 |
Disposals | (477) | (765) |
Reclassifications | (146) | (4,431) |
Ending Balance | 2,403 | 1,497 |
Cumulative Depreciation and Impairment Charges | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 15,842 | 5,833 |
Amortization | 16,502 | 10,009 |
Disposals | (81) | |
Currency differences | (3) | |
Ending Balance | 32,260 | 15,842 |
Cumulative Depreciation and Impairment Charges | Concessions, Licenses and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning Balance | 15,842 | 5,833 |
Amortization | 16,502 | 10,009 |
Disposals | (81) | |
Currency differences | (3) | |
Ending Balance | € 32,260 | € 15,842 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Intangible Assets [Abstract] | ||
Contractual commitments | € 0 | € 19,482 |
Pre-tax discount rate | 9.00% | 12.20% |
Cash flows beyond the five-year period growth rate | 1.80% | 1.00% |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Goodwill Recognized (Details) - Goodwill - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Intangible Assets [Line Items] | ||
Goodwill | € 2,978 | € 534 |
MAB Discovery | ||
Disclosure Of Intangible Assets [Line Items] | ||
Goodwill | 2,205 | |
JPT Peptide Technologies | ||
Disclosure Of Intangible Assets [Line Items] | ||
Goodwill | 534 | € 534 |
reBOOST | ||
Disclosure Of Intangible Assets [Line Items] | ||
Goodwill | € 239 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Summary of Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | € 519,149 | € 411,495 | € 172,106 | € 303,680 |
Total | € 519,149 | € 411,495 | € 172,106 | € 303,680 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Summary of Financial Assets at Amortized Cost (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | € 13,593 | € 19,292 |
Total current | 13,593 | 19,273 |
Total non-current | 18 | |
Trade Receivables | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | 11,913 | 18,938 |
Other Financial Assets and Receivables | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at amortized cost | € 1,680 | € 354 |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities - Summary of Financial liabilities at Amortized Cost (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | € 104,743 | € 104,205 |
Total current | 35,699 | 49,987 |
Total non-current | 69,044 | 54,218 |
Trade Payables | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 19,909 | 41,721 |
Lease Liabilities | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 56,683 | 50,752 |
Other Financial Liabilities | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 11,551 | 6,132 |
2.15% Secured Bank loan | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | 9,000 | 4,000 |
2.08% Secured Bank loan | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities at amortized cost | € 7,600 | € 1,600 |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities - Summary of Financial liabilities at Amortized Cost (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
2.15% Secured Bank loan | |
Disclosure Of Financial Liabilities [Line Items] | |
Secured bank loan maturity date | Dec. 30, 2027 |
Secured bank loan | € 10,000,000 |
2.08% Secured Bank loan | |
Disclosure Of Financial Liabilities [Line Items] | |
Secured bank loan maturity date | Sep. 30, 2028 |
Secured bank loan | € 9,450,000 |
Financial Assets and Financia_7
Financial Assets and Financial Liabilities - Additional Information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
2.15% Secured Loan | ||
Disclosure Of Redesignated Financial Assets And Liabilities [Line Items] | ||
Loan secured by permanent guarantee | € 10,000,000 | |
Loan repayable quarterly Installment | 312,500 | |
Undrawn available amount | 1,000,000 | |
2.15% Secured Loan | Land and Buildings | ||
Disclosure Of Redesignated Financial Assets And Liabilities [Line Items] | ||
Loan secured by land and buildings | 10,000,000 | € 10,000,000 |
2.08% Bank Loan | ||
Disclosure Of Redesignated Financial Assets And Liabilities [Line Items] | ||
Loan secured by permanent guarantee | 9,450,000 | € 9,450,000 |
Loan repayable quarterly Installment | 286,400 | |
Undrawn available amount | 1,850,000 | |
2.08% Bank Loan | Land and Buildings | ||
Disclosure Of Redesignated Financial Assets And Liabilities [Line Items] | ||
Loan secured by land and buildings | € 9,450,000 |
Financial Assets and Financia_8
Financial Assets and Financial Liabilities - Summary of Carrying Amount of Monetary Assets (Details) - Currency Risk - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Total | € 213,913 | € 176,376 |
USD Bank Accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Total | € 213,913 | € 176,376 |
Financial Assets and Financia_9
Financial Assets and Financial Liabilities - Summary of Effect of Changes in Foreign Exchange Rates (Details) - Currency Risk € in Thousands | 12 Months Ended | |
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
+5 % | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Effect on loss before tax | € (10,186) | € (8,399) |
Effect on pre-tax equity | (10,186) | (8,399) |
-5% | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Effect on loss before tax | 11,259 | 9,283 |
Effect on pre-tax equity | € 11,259 | € 9,283 |
United States | USD | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | ||
Closing rate | 1.1234 | 1.1450 |
Average rate | 1.1195 | 1.1810 |
Financial Assets and Financi_10
Financial Assets and Financial Liabilities - Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Liabilities [Line Items] | ||
Lease liabilities | € 57,612 | € 50,752 |
Liquidity Risk | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Interest bearing loans and borrowings | 21,268 | 5,600 |
Trade and other payables | 20,498 | 41,721 |
Lease liabilities | 78,910 | 73,692 |
Other financial liabilities | 10,351 | 6,132 |
Total | 131,027 | 127,145 |
Within One Year | Liquidity Risk | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Interest bearing loans and borrowings | 2,220 | |
Trade and other payables | 20,498 | 41,721 |
Lease liabilities | 5,176 | 3,822 |
Other financial liabilities | 10,351 | 6,132 |
Total | 38,245 | 51,675 |
1 to 5 Years | Liquidity Risk | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Interest bearing loans and borrowings | 10,693 | 5,600 |
Lease liabilities | 17,882 | 13,346 |
Total | 28,575 | 18,946 |
More than 5 years | Liquidity Risk | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Interest bearing loans and borrowings | 8,355 | |
Lease liabilities | 55,852 | 56,524 |
Total | € 64,207 | € 56,524 |
Financial Assets and Financi_11
Financial Assets and Financial Liabilities - Summary of Changes in Liabilities Arising From Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | € 56,352 | € 52,182 |
Cash flows | 7,939 | 3,474 |
New leases and disposals | 9,921 | 697 |
Ending balance | 74,212 | 56,352 |
Current Obligations under Lease Contracts | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 2,134 | 1,832 |
Cash flows | (3,061) | (2,126) |
New leases and disposals | 1,484 | 296 |
Reclassification | 2,928 | 2,132 |
Ending balance | 3,485 | 2,134 |
Non-current Obligations under Lease Contracts | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 48,618 | 50,349 |
New leases and disposals | 8,437 | 401 |
Reclassification | (2,928) | (2,132) |
Ending balance | 54,127 | 48,618 |
Interest-bearing Loans and Borrowings | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 5,600 | |
Cash flows | 11,000 | 5,600 |
Ending balance | € 16,600 | € 5,600 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Classes Of Inventories [Abstract] | ||
Raw materials and supplies | € 8,201 | € 4,475 |
Unfinished goods | 2,888 | 80 |
Finished goods | 633 | 1,234 |
Total | € 11,722 | € 5,789 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Classes Of Inventories [Abstract] | ||
Inventories recognized as an expense and recognized in cost of sales | € 2,182 | € 1,789 |
Trade Receivables - Summary of
Trade Receivables - Summary of Trade Receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Receivables [Abstract] | ||
Trade receivables | € 11,913 | € 18,938 |
Trade Receivables - Additional
Trade Receivables - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Trade And Other Receivables [Line Items] | |
Trade receivable maturity period | 20 days |
Maximum | |
Trade And Other Receivables [Line Items] | |
Trade receivable maturity period | 30 days |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous Current Assets [Abstract] | ||
Sales tax receivable | € 7,536 | € 8,611 |
Prepayments on inventories | 351 | 155 |
Other | 1,182 | 398 |
Total | € 9,069 | € 9,164 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Miscellaneous Current Assets [Abstract] | ||
Interest income | € 529 | € 270 |
Receivables from withholding taxes | € 310 |
Issued Capital and Reserves - A
Issued Capital and Reserves - Additional Information (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Thousands | Nov. 06, 2019EUR (€) | Nov. 06, 2019USD ($) | Sep. 18, 2019shares | Aug. 30, 2019EUR (€)shares | Aug. 30, 2019USD ($) | Mar. 14, 2019EUR (€)€ / sharesshares | Jan. 31, 2019EUR (€)shares | Aug. 31, 2019EUR (€)shares | Aug. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Nov. 06, 2019$ / shares | Oct. 10, 2019EUR (€) | Oct. 10, 2019$ / shares | Aug. 31, 2019$ / shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Stock split ratio | 0.05556 | ||||||||||||||||
Shares issued during period stock split | shares | 206,595,492 | ||||||||||||||||
Shares issued | shares | 5,088,204 | ||||||||||||||||
Issuance of share capital | € 5,088 | € 49,874 | € 355,816 | ||||||||||||||
Cash investment | € 80,006 | 79,997 | |||||||||||||||
Share capital | 232,304 | 193,296 | |||||||||||||||
Increase in capital reserve | 335,193 | ||||||||||||||||
Decrease in capital reserve | € 163,494 | ||||||||||||||||
Increase in issued capital | 26,532 | 163,494 | |||||||||||||||
Share Capital | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Issuance of share capital | [1] | € 8,126 | 25,949 | € 163,494 | |||||||||||||
Share capital | 3,361 | ||||||||||||||||
Settling Share-based Payment Plan | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Share capital | 583 | ||||||||||||||||
BioNTech Cell & Gene Therapies GmbH | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Shares issued | shares | 2,374,794 | ||||||||||||||||
Share capital | € 2,375 | ||||||||||||||||
Remaining non-controlling interests acquired | 5.50% | ||||||||||||||||
Nominal value | € / shares | € 1 | ||||||||||||||||
Derecognition of non-controlling interest | € 731 | ||||||||||||||||
Decrease in capital reserve | € 1,644 | ||||||||||||||||
Initial Public Offering (IPO) | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Aggregate proceeds from issuance of ordinary share | € 143,260 | $ 157,761 | |||||||||||||||
Share capital | 517 | € 10,000 | |||||||||||||||
Ordinary shares issued price per share | $ / shares | $ 15 | $ 15 | |||||||||||||||
Increase in capital reserve | 132,743 | ||||||||||||||||
Increase in share capital | € 10,517 | ||||||||||||||||
Ordinary Shares Series B | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Ordinary shares issued | shares | 12,465,288 | ||||||||||||||||
Aggregate proceeds from issuance of ordinary share | € 198,548 | $ 225,622 | |||||||||||||||
Share capital | 17,990 | ||||||||||||||||
Ordinary shares issued price per share | $ / shares | $ 18.10 | ||||||||||||||||
Increase in capital reserve | 186,390 | ||||||||||||||||
Recognition of treasury share balance | € 5,525 | ||||||||||||||||
Ordinary Shares Series B | HONG KONG | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Ordinary shares issued but not fully paid | shares | 5,524,506 | ||||||||||||||||
Series A Financing Round | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Share capital | € 22,588 | ||||||||||||||||
Bill & Melinda Gates Foundation | |||||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||||
Ordinary shares issued | shares | 3,038,674 | ||||||||||||||||
Aggregate proceeds from issuance of ordinary share | € 49,864 | $ 55,000 | |||||||||||||||
Share capital | € 3,039 | ||||||||||||||||
[1] | Numbers have been adjusted to reflect capital increase due to 1:18 share split which occurred on September 18, 2019. |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Billions | Dec. 01, 2019 | Sep. 18, 2019shares | Nov. 15, 2018 | Dec. 01, 2017shares | May 31, 2019 | Apr. 03, 2019 | Dec. 31, 2019€ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018EUR (€)shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Stock split ratio | 0.05556 | ||||||||
Shares issued during period stock split | 206,595,492 | ||||||||
Chief Executive Officer Grant | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Options outstanding, weighted-average expected life | 5 years 1 month 13 days | ||||||||
Cancellations or modifications to awards | 0 | ||||||||
Granted options | 4,374,963 | ||||||||
Employee Stock Ownership Plan | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Option rights vesting term | The Option Rights vest over four years, can only be exercised if the company has executed a public offering in the United States (IPO) and when meeting the Threshold Amount. Threshold Amount means the exercise price provided that such price increases by eight percentage points on the first and then each subsequent anniversary of the Allocation Date (September 26, 2018). The Option Rights can be exercised at the latest eight years after the Allocation Date. If they have not been exercised by that date, they will forfeit without compensation | ||||||||
Option rights vesting period | 4 years | ||||||||
Percentage of exercise price increase | 8.00% | 8.00% | 8.00% | 8.00% | |||||
Option rights exercisable period | 8 years | ||||||||
Options outstanding, weighted-average expected life | 4 years 8 months 23 days | ||||||||
Cancellations or modifications to awards | 0 | 0 | |||||||
Granted options | 14,511 | 658,109 | |||||||
Share Appreciation Right | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Granted options | 582,714 | 0 | 0 | ||||||
Grant date | December 1, 2017 | ||||||||
Payments related to withholding tax for share-based payment transactions | € | € 7,761 | ||||||||
Ordinary Shares | Chief Executive Officer Grant | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Granted options | 4,374,963 | ||||||||
Ordinary Shares | Chief Executive Officer Grant | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Option to purchase ordinary shares | 4,374,963 | ||||||||
Exercise price in translation for IPO | (per share) | € 13.60 | $ 15 | |||||||
Option rights vesting term | The option will vest annually in equal installments after four years commencing on the first anniversary of the initial public offering and will be exercisable four years after the initial public offering. The option will be subject to the terms, conditions, definitions and provisions of the Employee Stock Ownership Plan (ESOP) and the applicable option agreement thereunder. | ||||||||
Option rights vesting period | 4 years | ||||||||
Percentage of exercise price increase | 7.00% | ||||||||
Threshold amount of dividend by number of shares outstanding immediately following initial public offering | $ | $ 8.5 | ||||||||
Percentage of target share price applicable for prior twelve month period | 107.00% | ||||||||
Option rights exercisable period | 10 years |
Share-Based Payments - Summary
Share-Based Payments - Summary of Inputs Used in Measurement of Fair Value at Grant Date (Details) | Dec. 01, 2019EUR (€)yr€ / shares | Oct. 10, 2019EUR (€)yr€ / shares | Nov. 15, 2018EUR (€)yr€ / shares | Dec. 01, 2017EUR (€)€ / shares | May 31, 2019EUR (€)yr€ / shares | Apr. 03, 2019EUR (€)yr€ / shares |
Chief Executive Officer Grant | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Weighted average fair value | € | € 5.63 | |||||
Weighted average share price | € 13.60 | |||||
Exercise price | € 13.60 | |||||
Expected volatility (%) | 41.40% | |||||
Expected life (years) | yr | 5.37 | |||||
Risk-free interest rate (%) | 1.52% | |||||
Employee Stock Ownership Plan | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Weighted average fair value | € | € 9.49 | € 7.41 | € 7.04 | € 6.93 | ||
Weighted average share price | € 19.84 | € 14.40 | € 16.03 | € 15.72 | ||
Exercise price | € 15.82 | € 10.14 | € 15.39 | € 15.03 | ||
Expected volatility (%) | 46.00% | 46.00% | 46.00% | 46.00% | ||
Expected life (years) | yr | 5.50 | 5.84 | 6 | 6 | ||
Risk-free interest rate (%) | 0.05% | 0.05% | 0.05% | 0.05% | ||
Share Appreciation Right | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Weighted average fair value | € | € 10.13 | |||||
Exercise price | € 10.13 | |||||
Risk-free interest rate (%) | 1.20% | |||||
WACC | 8.20% | |||||
Tax rate | 31.20% | |||||
Debt free net working capital (in % of sales) | 5.50% | |||||
Long-term growth rate (%) | 1.80% |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Number and Weighted-Average Exercise Price of Share Options (Details) - Chief Executive Officer Grant | 12 Months Ended |
Dec. 31, 2019shares€ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Granted, share options | 4,374,963 |
Ending Balance, Share options | 4,374,963 |
Granted, Weighted-average exercise price | € / shares | € 13.60 |
Ending Balance, Weighted-average exercise price | € / shares | € 13.60 |
Ordinary Shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Granted, share options | 4,374,963 |
Ending Balance, Share options | 4,374,963 |
Share-Based Payments - Schedu_2
Share-Based Payments - Schedule of Expense Recognized for Employee Services Received (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chief Executive Officer Grant | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | € 3,208 | ||
Chief Executive Officer Grant | Research and Development Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 3,208 | ||
Employee Stock Ownership Plan | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 27,028 | € 7,641 | |
Employee Stock Ownership Plan | Research and Development Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 20,016 | 6,786 | |
Employee Stock Ownership Plan | Cost of Sales | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 896 | 114 | |
Employee Stock Ownership Plan | Sales and Marketing Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 108 | 13 | |
Employee Stock Ownership Plan | General and Administrative Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | € 6,008 | € 728 | |
Share Appreciation Rights | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | € 5,909 | ||
Share Appreciation Rights | Research and Development Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 3,620 | ||
Share Appreciation Rights | Sales and Marketing Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | 14 | ||
Share Appreciation Rights | General and Administrative Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expense recognized for employee services received | € 2,275 |
Share-Based Payments - Schedu_3
Share-Based Payments - Schedule of Number and Weighted-Average Exercise Prices of Share Options (Details) - Employee Stock Ownership Plan | 12 Months Ended | |
Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Beginning Balance, Share options | 658,109 | |
Granted, share options | 14,511 | 658,109 |
Forfeited, share options | (17,237) | |
Ending Balance, Share options | 655,383 | 658,109 |
Beginning Balance, Number of Ordinary Shares underlying options | 11,845,962 | |
Granted, Shares underlying options | 261,198 | 11,845,962 |
Forfeited, Shares underlying options | (310,266) | |
Ending Balance, Number of Ordinary Shares underlying options | 11,796,894 | 11,845,962 |
Beginning Balance, Weighted-average exercise price | € / shares | € 10.14 | |
Granted, Weighted-average exercise price | € / shares | 15.17 | € 10.14 |
Forfeited, Weighted-average exercise price | € / shares | 10.85 | |
Ending Balance, Weighted-average exercise price | € / shares | € 10.23 | € 10.14 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous Current Liabilities [Abstract] | ||
Liabilities employees | € 6,710 | € 5,236 |
Other | 780 | 3,864 |
Total | € 7,490 | € 9,100 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous Current Liabilities [Abstract] | ||
Accruals for outstanding invoices | € 715 | € 3,739 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets within Statement of Financial Positions (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use assets | € 55,018 | € 49,766 |
Buildings | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use assets | 54,956 | 49,718 |
Equipment, Tools and Installations | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use assets | 7 | 21 |
Automobiles | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Right-of-use assets | € 55 | € 27 |
Leases - Additional Information
Leases - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |||
Additions to right-of-use assets | € 10,040 | € 723 | |
Total cash outflow for leases | € 4,779 | € 3,847 | € 2,319 |
Leases - Summary of Other Finan
Leases - Summary of Other Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lease liabilities | ||
Current | € 3,485 | € 2,134 |
Non-current | 54,127 | 48,618 |
Total | € 57,612 | € 50,752 |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognized in Consolidated Statement of Operations (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Depreciation charge | € 4,679 | € 2,846 | € 1,909 |
Interest on lease liabilities | 1,718 | 1,721 | 676 |
Expense related to short-term leases (included in other expenses) | 442 | 431 | 442 |
Expense relating to leases of low-value assets that are not short-term leases (included in other expenses) | 90 | 90 | 95 |
Total amounts recognized in profit or loss | 6,929 | 5,088 | 3,122 |
Buildings | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Depreciation charge | 4,614 | 2,751 | 1,759 |
Equipment, Tools and Installations | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Depreciation charge | 25 | 60 | 111 |
Automobiles | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Depreciation charge | € 40 | € 35 | € 39 |
Segment Information - Additiona
Segment Information - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)BusinessOperationSegment | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Disclosure Of Operating Segments [Line Items] | |||
Number of business units | Business | 2 | ||
Number of operating segments in accordance with IFRS 8 | OperationSegment | 4 | ||
Research and development expenses | € | € (226,466) | € (143,040) | € (85,496) |
Genentech Inc. | Minimum | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of overall revenue | 10.00% | 10.00% | 10.00% |
Pfizer Inc. | Minimum | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of overall revenue | 10.00% | ||
Sanofi S.A. | Minimum | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of overall revenue | 10.00% | 10.00% | |
Genmab A/S | Minimum | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of overall revenue | 10.00% | ||
Adjustments | |||
Disclosure Of Operating Segments [Line Items] | |||
Research and development expenses | € | € 439 | € 292 | |
Business Unit BioNTech | |||
Disclosure Of Operating Segments [Line Items] | |||
Number of operation segments | OperationSegment | 3 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Figures to Group Figure (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues from contracts with customers | € 108,589 | € 127,575 | € 61,598 |
Cost of sales | (17,361) | (13,690) | (9,318) |
Gross profit | 91,228 | 113,885 | 52,280 |
Income / Expenses | |||
Research and development expenses | (226,466) | (143,040) | (85,496) |
Sales and marketing expenses | (2,718) | (3,041) | (6,603) |
General and administrative expenses | (45,547) | (26,334) | (23,520) |
Other result | 1,985 | 4,676 | 2,061 |
Operating loss | (181,518) | (53,854) | (61,277) |
Collaboration Revenues | |||
Revenues | |||
Revenues from contracts with customers | 84,428 | 101,837 | 42,333 |
Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | 24,161 | 25,738 | 19,265 |
Adjustments | |||
Revenues | |||
Cost of sales | (438) | (292) | |
Income / Expenses | |||
Research and development expenses | 439 | 292 | |
Sales and marketing expenses | (1) | ||
Other result | 3 | 52 | |
Operating loss | 3 | 52 | |
Clinical | |||
Revenues | |||
Gross profit | 33,493 | 36,750 | 25,721 |
Income / Expenses | |||
Research and development expenses | (91,516) | (48,641) | (25,099) |
Other result | 1,125 | 3,772 | |
Operating loss | 623 | ||
Clinical | Collaboration Revenues | |||
Revenues | |||
Revenues from contracts with customers | 33,493 | 36,750 | 25,721 |
Technology Platform | |||
Revenues | |||
Gross profit | 2,839 | 46,235 | 14,828 |
Income / Expenses | |||
Research and development expenses | (79,119) | (60,320) | (37,019) |
Other result | 307 | 178 | 777 |
Technology Platform | Collaboration Revenues | |||
Revenues | |||
Revenues from contracts with customers | 2,147 | 39,452 | 14,504 |
Technology Platform | Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | 692 | 6,783 | 324 |
Manufacturing | |||
Revenues | |||
Gross profit | 48,790 | 25,635 | 2,108 |
Income / Expenses | |||
Research and development expenses | (50,478) | (31,508) | (14,764) |
General and administrative expenses | (3,821) | (2,558) | (785) |
Other result | 59 | 30 | |
Manufacturing | Collaboration Revenues | |||
Revenues | |||
Revenues from contracts with customers | 48,788 | 25,635 | 2,108 |
Manufacturing | Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | 2 | ||
Business Service | |||
Revenues | |||
Cost of sales | (40) | ||
Gross profit | 2 | ||
Income / Expenses | |||
Research and development expenses | (5,192) | (1,979) | (6,701) |
Sales and marketing expenses | (1,302) | (2,106) | (4,904) |
General and administrative expenses | (38,756) | (21,233) | (20,309) |
Other result | 23 | 85 | 820 |
Business Service | Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | 42 | ||
Product Sales &External Services | |||
Revenues | |||
Cost of sales | (16,923) | (13,358) | (9,318) |
Gross profit | 6,544 | 5,556 | 9,623 |
Income / Expenses | |||
Research and development expenses | (600) | (884) | (1,912) |
Sales and marketing expenses | (1,415) | (935) | (1,698) |
General and administrative expenses | (2,970) | (2,542) | (2,427) |
Other result | 468 | 559 | 463 |
Operating loss | 2,027 | 1,753 | 4,049 |
Product Sales &External Services | Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | 23,467 | 18,914 | 18,941 |
Reportable Segments | |||
Revenues | |||
Cost of sales | (16,923) | (13,398) | (9,318) |
Gross profit | 91,666 | 114,177 | 52,280 |
Income / Expenses | |||
Research and development expenses | (226,905) | (143,332) | (85,496) |
Sales and marketing expenses | (2,717) | (3,041) | (6,603) |
General and administrative expenses | (45,547) | (26,334) | (23,520) |
Other result | 1,982 | 4,624 | 2,061 |
Operating loss | (181,521) | ||
Reportable Segments | Collaboration Revenues | |||
Revenues | |||
Revenues from contracts with customers | 84,428 | 101,837 | 42,333 |
Reportable Segments | Other Sales Transactions | |||
Revenues | |||
Revenues from contracts with customers | € 24,161 | € 25,738 | € 19,265 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Details) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2019shares | Dec. 31, 2019EUR (€) | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Outstanding balances of related party transaction | € 0 | |
Bad debt expense has been recognized | € 0 | |
Co-founder and Chief Executive Officer | Ordinary Shares | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Granted options | shares | 4,374,963 | |
AT Impf GmbH | ATHOS KG | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
% equity interest | 100.00% |
Related Party Disclosures - Sum
Related Party Disclosures - Summary of Compensation of Key Management Personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |||
Short-term employee benefits | € 1,847 | € 1,161 | € 880 |
Share-based payment transactions | 18,151 | 6,163 | 1,855 |
Total compensation paid to key management personnel | € 19,998 | € 7,324 | € 2,735 |
Related Party Disclosures - S_2
Related Party Disclosures - Summary of Aggregate Value of Transactions Related to Key Management Personnel (Details) - Key Management Personnel of Entity or Parent - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Consulting services / patent assignment | € 56 | € 25 | € 25 |
Purchases of various goods and services from TRON | 9,968 | 11,160 | 6,553 |
Total | € 10,024 | € 11,185 | € 6,578 |
Related Party Disclosures - S_3
Related Party Disclosures - Summary of Outstanding Balances of Transactions Related to Key Management Personnel (Details) - Key Management Personnel of Entity or Parent - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Outstanding balances | € 1,843 | € 2,160 |
TRON | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Outstanding balances | € 1,843 | € 2,160 |
Related Party Disclosures - S_4
Related Party Disclosures - Summary of Transactions Between Related Parties Amount (Details) - Other Related Parties - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Purchases of various goods and services from entities controlled by ATHOS KG | € 2,071 | € 2,431 | € 1,240 |
Purchases of property and other assets from entities controlled by ATHOS KG | 4,748 | ||
Total | € 2,071 | € 7,179 | € 1,240 |
Related Party Disclosures - S_5
Related Party Disclosures - Summary of Transactions Between Related Parties Outstanding Balances (Details) - Other Related Parties - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Outstanding balances | € 51 | € 587 |
ATHOS KG | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Outstanding balances | € 51 | € 587 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) $ / shares in Units, $ in Millions | Jan. 16, 2020EUR (€)shares | Jan. 15, 2020$ / shares | Mar. 16, 2020EUR (€)shares | Mar. 16, 2020USD ($)shares | Dec. 31, 2019EUR (€) | Jan. 31, 2019shares |
Disclosure Of Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 5,088,204 | |||||
Major Business Combination | Neon Therapeutics, Inc. | ||||||
Disclosure Of Events After Reporting Period [Line Items] | ||||||
ADS received upon conversion | shares | 0.063 | |||||
Stock transaction valued amount | € 67,000,000 | |||||
ADS closing price | $ / shares | $ 34.55 | |||||
R & D Effort | Fosun Pharma | ||||||
Disclosure Of Events After Reporting Period [Line Items] | ||||||
Equity investment | € 44,000,000 | $ 50 | ||||
R & D Effort | Fosun Pharma | Ordinary Shares | ||||||
Disclosure Of Events After Reporting Period [Line Items] | ||||||
Number of shares issued | shares | 1,580,777 | 1,580,777 | ||||
R & D Effort | Fosun Pharma | Maximum | ||||||
Disclosure Of Events After Reporting Period [Line Items] | ||||||
Upfront potential future investment and milestone payments | € 120,000,000 | $ 135 | ||||
BioNTech Delivery Technologies | Lipocalyx | ||||||
Disclosure Of Events After Reporting Period [Line Items] | ||||||
Total consideration | € 6,516,000 | |||||
Additional contingent consideration | 572,000 | |||||
Current assets recognised as of acquisition date | 139,000 | |||||
Non-current assets recognised as of acquisition date | 77,000 | |||||
Liabilities recognised as of acquisition date | € 0 |