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    Assessing BioNTech (BNTX) Valuation After Goldman Sachs Buy Upgrade And Oncology Growth Focus

    Simply Wall St·02/02/2026 13:15:16
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    Goldman Sachs has upgraded BioNTech (BNTX) to Buy, highlighting its focus on next generation immuno oncology, antibody drug conjugates, and several late stage data readouts expected in 2026 as key factors that could influence investor interest.

    See our latest analysis for BioNTech.

    At a share price of US$113.75, BioNTech has a 30 day share price return of 17.64% and year to date share price return of 17.64%, while the 1 year total shareholder return of 5.07% and 3 year total shareholder return of 19.30% are both negative. This suggests recent momentum is building against a weaker longer term track record as investors react to oncology updates, management changes and incoming clinical data.

    If BioNTech's recent upgrade has you looking across the sector, it could be a good moment to compare it with other healthcare stocks that are also trying to translate research into long term returns.

    With BioNTech trading at US$113.75 and sitting at a reported discount to some analyst targets, the real question is whether recent oncology optimism leaves upside on the table or if the market already prices in future growth.

    Most Popular Narrative: 19.2% Undervalued

    BioNTech's most followed narrative puts fair value at about $140.80 per share versus the recent $113.75 close, framing a sizeable valuation gap built on oncology and vaccine cash flow assumptions.

    Robust pipeline expansion in oncology with multiple late-stage (Phase II/III) clinical trials for BNT327 and mRNA cancer immunotherapies across high-prevalence cancers (lung and breast) positions BioNTech to launch multiple new products. This is described as a key driver of significant top-line revenue growth and enhanced earnings visibility over the next several years.

    Strategic partnerships (notably with BMS, Genentech, and Regeneron) provide substantial non-dilutive cash infusions, shared development costs, and accelerated global development of key assets. These are expected to support stable R&D spend while improving profitability and EPS as milestone revenues materialize.

    Read the complete narrative.

    Curious what kind of revenue trend, margin shift and future earnings multiple are built into that fair value, and how a nearly 7% discount rate shapes it, without seeing the full math yet.

    Result: Fair Value of $140.80 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, this story still hinges on successful oncology trial outcomes and on BioNTech offsetting any further declines in COVID 19 vaccine demand that could pressure revenues.

    Find out about the key risks to this BioNTech narrative.

    Build Your Own BioNTech Narrative

    If parts of this story do not quite fit your view, or you would rather lean on your own work, you can build a personalised thesis in minutes by starting with Do it your way.

    A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding BioNTech.

    Looking for more investment ideas?

    If you are building a watchlist around BioNTech, this is a great moment to broaden your search and pressure test your views against other focused stock ideas.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.