After earnings plunge, BioNTech pins hopes on cancer drug launches
BERLIN, March 20 (Reuters) - Germany's BioNTech , whose COVID-19 vaccine in partnership with Pfizer was widely used during the pandemic, reported on Wednesday a plunge in 2023 revenue and earnings as its focus shifts towards cancer drug development.
The Mainz-based company posted revenues of 3.819 billion euros, down by more than three-quarters compared to 2022, and net profit of 930.3 million euros, 90% lower than a year earlier.
BioNTech is targeting 2024 revenues in a range of 2.5 billion to 3.1 billion euros, depending among other things on regulatory developments and COVID-19 vaccine uptake, it said in a statement.
The company is aiming for its first oncology launch in 2026 and ten indication approvals by 2030, the statement added. (Reporting by Ludwig Burder, Writing by Rachel More, Editing by Madeline Chambers)
