BioNTech Sees Red Figures Rise in Q1, Revenues Plummeting by 78%

BioNTech remains in the red. The German group, one of the manufacturers of vaccines against Covid-19, closed the first half of the year with losses of 1,122.9 million euros, compared to profits of 311.8 million recorded in the same period of the previous year.

Between January and June, BioNTech’s revenues fell sharply to €316.3 million . This represents a year-on-year drop of 78.1% compared to revenues of almost €1.5 billion in the first half of 2023.

The German company attributed the drop in sales to low demand for its Covid-19 vaccines , also attributing it to a seasonal period of low sales. At the same time, BioNTech is immersed in a process of transitioning its offering, moving from vaccines to products such as cancer drugs.

BioNTech expects to earn between 2.5 and 3.1 billion euros this year, but to close the year with losses

The biotechnology company anticipates that the group will close the year in the red , although it is confident that its sales will pick up this year, especially in the last quarter of the year.

BioNTech CFO Jens Holstein said in the earnings presentation that “supported by our strong financial position, we will continue to focus on our long-term growth strategy for the remainder of the year.”

The German biotechnology company expects to close the year with a turnover of between 2.5 and 3.1 billion euros, most of which will be generated in the final stretch of the year.

At the same time, BioNTech will allocate between €2.4 billion and €2.6 billion to R&D and between €700 million and €800 million to sales, general and administrative costs. Capital expenditure ( capex ) is estimated at between €400 million and €500 million.

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(Featured image by Jakub Żerdzicki via Unsplash)

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