A BioNTech research laboratory in Mainz, Germany, on July 27, 2023.WOLFGANG RATTAY/Reuters
Germany’s BioNTech BNTX-Q, whose COVID-19 vaccine in partnership with Pfizer PFE-N 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 ($4.14-billion), down by more than three-quarters compared to 2022, and net profit of €930.3-million, 90 per cent lower than a year earlier.
BioNTech is targeting 2024 revenues in a range of 2.5 billion to €3.1-billion, 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 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 per cent to $5.36-billion in the fourth quarter. It added at the time it expects full-year 2024 Comirnaty revenues of $5-billion.