BioNTech’s fortune dips as deficit  hit $886 million

Admin I Monday, August 05, 2024

 

BERLIN – The German pharmaceutical company BioNTech reported a substantial loss in the second quarter as it continues to advance towards the approval of new products, including innovative cancer therapies.

The deficit came to  €807.8 million ($886 million) and was therefore significantly higher than the €190.4 million lost in the same period last year, the Mainz-based company said on Monday.

In the first half of 2024, the net loss totalled €1.12 billion, compared with €311.8 million in the same period of the previous year.

In the second quarter alone, BioNTech said it invested €525.6 million  in “non-Covid-19-related activities,” primarily in oncology and preparations for infectious diseases. This accounted for around 90% of all research and development costs, it said.

“We are making progress towards our goal of becoming a company with approved drugs for cancer and infectious diseases,” said chief executive and co-founder Ugur Sahin.

BioNTech is still aiming for the first marketing authorization for a cancer drug in 2026, after which annual marketing authorizations in oncology are planned.

For the full year 2024, the company said it continues to expect total sales of €2.5 to €3.1 billion, after sales of €128.7 million in the second quarter, with the majority of sales expected in the fourth quarter.

BioNTech explained the recent decline in sales in the second quarter was the result of shrinking revenue from Covid-19 vaccine, where demand is becoming increasingly seasonal.

The company has started the market launch of an adapted Covid-19 vaccine for the 2024/25 vaccination season.

Approvals have already been granted for the European Union and Britain. According to BioNTech, applications for approval are underway in more than 40 countries worldwide.