BioNTech Profit Slumps on Lower Covid Vaccine Sales
By Helena Smolak
BioNTech's fourth-quarter profit and revenue plummeted caused by a sharp sales decline of its Covid-19 vaccine Comirnaty.
The German biotechnology company, listed on the U.S. stock exchange, said Wednesday that its fourth-quarter net profit stood at EUR457.9 million ($497.6 million) compared with EUR2.28 billion the same prior year period.
Fourth-quarter revenue came in at EUR1.48 billion compared with EUR4.28 billion the year before due to inventory writedowns by its collaboration partner Pfizer.
The company expects revenue to continue to fall this year. At the same time, it intends to further increase its research expenditure and prepare for the approval of cancer drugs.
"By 2030, we want to achieve approvals in ten indications in oncology and thus improve treatment options for patients worldwide," said Chief Executive and Co-founder Ugur Sahin. The first cancer drug is set to be launched on the market in 2026, it said.
Expenditure on research and development is set to rise to between EUR2.4 billion and EUR2.6 billion in 2024, up from EUR1.78 billion in the previous year. Total sales are expected to fall to between EUR2.5 billion and EUR3.1 billion.
BioNTech said it plans to remain cost-disciplined and keep its eyes open for growth opportunities.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
March 20, 2024 06:44 ET (10:44 GMT)
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