BioNTech posts loss of euro 190.4M in Q2

BioNTech on Monday posted a loss for the second quarter as some write-offs by its vaccine partner Pfizer lowered its gross profit share and revenue, but said it continues to expect billions in revenue from the Covid-19 vaccine in the current year.

The German biotechnology company–which rose to international prominence during the Covid-19 pandemic, when it developed an mRNA-based vaccine in record time–said that it continues to expect revenue from the vaccine to be about 5 billion euros ($5.51 billion) in 2023.

In the second quarter, the company posted a loss of EUR190.4 million, from a profit of EUR2.32 billion in the corresponding quarter the previous year, on revenue which fell to EUR167.7 million from EUR3.20 billion the year prior.

Operating income also fell to EUR563.3 million from EUR2.21 billion in the second quarter of 2022, according to company figures.

BioNTech lowered its projected expense forecast for the year, including in research and development, and Chief Financial Officer Jens Holstein said that the company is carefully watching its spending given some uncertainty on the revenue line.

Nonetheless, the company said it is still enhancing its infectious-disease pipeline with a new Covid-19 vaccine adapted to the Omicron variant, which will be available the coming fall. MarketScreener