Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
What follows is written the way the two of us actually talk to one another — plainly, and with a bias toward admitting what we don't know. We were handed a company that made the world's most famous product of the last decade and now sits on a mountain of cash. That combination tempts a lot of people. It does not tempt us, and we will explain exactly why. BioNTech is a German biotechnology company headquartered in Mainz. It became a household name for one reason: together with Pfizer, it developed Comirnaty, the mRNA COVID-19 vaccine that generated one of the largest revenue windfalls in the history of the pharmaceutical industry. In 2022 this company booked roughly €17 billion of revenue. In the twelve months ended December 31, 2025, it booked €2.87 billion. That is not a typo, and it tells you most of what you need to know about the durability of the underlying franchise.
Recent filings analysed: 6-K (2026-08-04), 6-K (2026-08-04), 20-F/A (2026-07-30), 20-F (2026-03-10).
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