BioNTech losses quadruple in Q2 amid shift to cancer drugs, Health News, ET HealthWorld

Berlin: Losses at Germany’s BioNTech quadrupled year-on-year in the second quarter, the company said on Monday, as it banks on a strategy shift towards new cancer treatments following a sharp drop-off in sales of its COVID-19 vaccine.

BioNTech reported a second-quarter net loss of 807.8 million euros ($885.03 million), versus a loss of 190.4 million a year earlier.

The company also saw a 23% drop in quarterly revenue to 128.7 million euros, mainly due to lower sales of its COVID-19 vaccines, whose development in partnership with U.S. partner Pfizer and wide use during the pandemic made the small German biotech firm a household name.

“Our second quarter revenues correspond to the current demand of a seasonal endemic COVID-19 vaccine market,” finance chief Jens Holstein said in a statement.

“Supported by our strong financial position, we will continue to focus on our long-term growth strategy throughout the remainder of the year,” he added, as the company invests in the development of new drugs and boosted manufacturing capacities.

BioNTech confirmed its 2024 guidance for revenue in a range of 2.5 billion euros to 3.1 billion euros, most of which is expected to accrue at the end of the year.

(Writing by Rachel More, Editing by Miranda Murray)