BioNTech slides as earnings plunge amid cancer drug shift
BERLIN (Reuters) — BioNTech (BNTX), 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.
Shares of the German biotechnology company fell over 9% after the report.
The Mainz-based company posted revenues of 3.819 billion euros ($4.14 billion), down by more than three-quarters compared with 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 German biotech firm had previously predicted total revenue of about 3 billion euros for 2024.
The company is aiming for its first oncology launch in 2026 and ten indication approvals by 2030, the statement added.
BioNTech said in January it expects to return to revenue growth in 2025 when the ongoing decline in its COVID-19 vaccine business would bottom out, and that it would invest to scale up its oncology business thereafter.
Partner Pfizer said in January that sales of the COVID shot branded as Comirnaty dropped 54% to $5.36 billion in the fourth quarter. It added at the time it expects full-year 2024 Comirnaty revenues of $5 billion.
($1 = 0.9227 euros)
(Reporting by Ludwig Burder, Writing by Rachel More, Editing by Madeline Chambers)
