BioNTech and Moderna, two leading biotechnology companies that rose to prominence during the COVID-19 pandemic, have experienced different trajectories in recent years. Both companies were early leaders in mRNA technology and developed vaccines that generated significant revenue and attention. However, their approaches to research and development have diverged since then.
BioNTech has expanded its pipeline beyond mRNA technology, focusing on a multi-modality approach primarily targeting cancer. The company used funds from its successful COVID-19 vaccine partnership with Pfizer to acquire assets such as the anti-CTLA-4 antibody gotistobart, HER2-directed antibody-drug conjugate BNT323, and PD-L1xVEGF-A bispecific BNT327—now known as pumitamig. Analysts see potential in BioNTech’s strategy but caution about execution risks.
“All eyes are now on whether BioNTech can move fast and execute on this impressive pipeline in a way that drives value, as they are playing in competitive spaces,” TD Cowen analysts said in a note to investors. “There is a lot here to drive interest, but we note that the company has historically had some slippage of timelines ... or outright attrition for pipeline assets.”
Pumitamig is currently one of several BioNTech assets undergoing Phase III trials. Bristol Myers Squibb paid $3.5 billion to co-develop pumitamig due to its potential role in immuno-oncology combinations. Other late-stage candidates include gotistobart, BNT323, and the mRNA vaccine BNT113.
In contrast, Moderna has continued to focus exclusively on mRNA-based products across various therapeutic areas. The company increased its R&D budget significantly after the pandemic but faced setbacks as demand for COVID-19 vaccines declined and competition increased from other manufacturers like Pfizer and BioNTech. Moderna’s product sales dropped sharply between 2022 and 2024.
Moderna attempted to expand into new markets with products such as an RSV vaccine (mRESVIA), which received FDA approval in 2024 but entered after competitors had already established themselves. Efforts to launch additional products have been delayed by regulatory requests for more data.
Piper Sandler analyst Ted Tenthoff commented at an event with Moderna in December 2025: “under the FDA and [Health Secretary] RFK Jr., it really feels like they’ve declared war on mRNA vaccines.”
Facing regulatory challenges and declining U.S. market access for mRNA vaccines, Moderna CEO Stéphane Bancel announced at the World Economic Forum that the company would reduce investment in late-stage vaccine programs: “You cannot make a return on investment if you don’t have access to the U.S. market,” Bancel said according to Bloomberg.
While both companies’ shares have risen recently, investors appear encouraged by BioNTech’s diversified approach compared with Moderna’s ongoing reliance on mRNA technology alone.
Moderna will need to navigate regulatory scrutiny after recent FDA actions linking child deaths to COVID-19 vaccines and promising tighter oversight of these products. Meanwhile, BioNTech continues developing new therapies beyond infectious diseases while managing typical drug development risks.
