BioNTech vs. Moderna: The COVID Vaccine Giants Are Entering a New Era. One Stock Could Have the Edge for 2027

Biotechnology leaders BioNTech (NASDAQ) and Moderna (NASDAQ) remain heavily reliant on COVID-19 vaccine sales years after the pandemic. For investors, the key question is whether either company can translate its scientific breakthroughs into sustainable growth and reduce its dependence on declining vaccine revenue.

While each offers significant long-term potential, their financial strength, clinical progress, and paths to profitability could lead to very different outcomes heading into 2027.

The case for BioNTech

BioNTech (NASDAQ) is leveraging its messenger RNA (mRNA) expertise to develop cancer treatments and vaccines, with a growing focus on oncology through partnerships with pharmaceutical companies, including Bristol Myers Squibb (BMY -1.57%) and Roche (RHHBY -0.14%).

In FY 2025, revenue reached nearly $3.2 billion, representing a year-over-year increase of approximately 4.3%. Despite this modest growth, the company reported a net loss of close to $1.3 billion for the year. This performance resulted in a net margin of approximately -39.6%, which reflects the substantial capital redirected toward its massive oncology pipeline. The shift from pandemic-era profits to research-driven losses is a common trajectory for growing biotech stocks today.

BioNTech’s greatest financial advantage is its substantial cash reserves. At the end of September 2026, the company held approximately €16.2 billion in cash and investments, providing considerable flexibility to fund clinical trials and pursue new treatments without relying heavily on external financing.

The case for Moderna

Moderna develops medicines targeting infectious diseases, cancer, and rare genetic conditions via mRNA technology similar to BioNTech. The company is expanding beyond COVID-19 vaccines through new respiratory treatments and a promising personalized cancer vaccine developed in partnership with Merck (MRK -0.14%).

In fiscal 2025, Moderna generated approximately $1.9 billion in revenue, a 40% year-over-year decline. The company reported a net loss of $2.8 billion as vaccine sales weakened and research expenses remained elevated. However, recent results suggest improving momentum. In the third quarter of 2026, revenue increased 29% to $1.3 billion, while net income reached $162 million. Moderna also raised its full-year revenue growth outlook to 15%–25%, although COVID-19 vaccines remain its primary revenue source.

Moderna held approximately $8 billion in cash and investments at the end of September 2026, providing substantial resources to advance its pipeline. However, its cash position was supported by new convertible debt financing, and continued research spending remains a concern.

Risk profile comparison

BioNTech’s primary risk lies in its growing oncology pipeline, where clinical setbacks, regulatory delays, or unsuccessful trials could postpone new revenue opportunities. The company also faces intense competition in cancer treatments, while continued declines in COVID-19 vaccine sales could extend its period of operating losses.

Moderna faces similar clinical risks, alongside greater financial pressure from declining vaccine revenue and continued cash consumption. Competition from established pharmaceutical companies like Pfizer (PFE -0.20%), Sanofi (SNY +0.28%), and GSK (GSK -0.16%) adds further pressure, while ongoing patent litigation and changing vaccine recommendations introduce additional uncertainty.

Valuation comparison

BioNTech appears to be the more fiscally resilient choice due to its positive cash flow and zero debt, while Moderna is navigating significant revenue declines and negative cash generation.

MetricBioNTechModernaForward P/En/a679.2xP/S ration/a43.3x

Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy for 2027?

Recent clinical developments offer reasons for optimism between these two companies, particularly Moderna’s promising late-stage cancer vaccine results and plans for a potential commercial launch in 2027. However, neither has established a consistently profitable business beyond its pandemic-era products.

Valuing these companies is challenging given their continued losses and the uncertainty surrounding future drug approvals. Traditional earnings multiples offer limited insight, making revenue valuations and financial strength more useful points of comparison.

For investors looking toward 2027, BioNTech is my preferred buy. Moderna’s cancer vaccine could become a major commercial opportunity, but its premium valuation and continued cash requirements introduce considerable risk. BioNTech’s €16.2 billion cash position and expanding oncology pipeline offer a more attractive balance of financial security and long-term upside.

Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.