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BioNTech’s fortune dips as deficit  hit $886 million

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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. Photo: Andreas Arnold/dpa

 

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.

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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.

 

 

 

 

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