Biotechnology firm BioNTech, co-founded by scientists of Turkish descent Özlem Türeci and Uğur Şahin in Germany, announced on Monday that it expects to incur a loss of 900 million euros in the third quarter of this year due to Covid-19 vaccines produced with its partner Pfizer.
As reported by euronews, BioNTech's partner Pfizer announced on Friday that it was lowering its annual revenue forecast by 13 percent and would undergo a 3.5 billion dollar write-down due to lower-than-expected sales of its Covid-19 vaccine and treatment.
MEASURES FOR INVENTORY CANCELLATION
Pfizer had announced that it would take a 5.5 billion dollar non-cash charge in the third quarter to write off 4.6 billion dollars in Paxlovid inventory and 900 million dollars in other costs related to the vaccine.
In a statement released by BioNTech today, it was noted that the loss related to inventory write-offs and other costs for Comirnaty, the Covid-19 vaccine produced in partnership with Pfizer, could reach 900 million euros in the third quarter.
BioNTech reported that this loss, which will be reflected in the third-quarter balance sheet, will also reduce its 2023 revenue.
VACCINE SALES FELL, COMPANY REVENUE DECREASED
The German company will announce the final figures for the third quarter on November 6.
After developing the Comirnaty vaccine with its German partner BioNTech SE and the antiviral treatment Paxlovid on its own, Pfizer achieved record revenues in 2021 and 2022, exceeding 100 billion dollars last year. Revenue from these two products exceeded 56 billion dollars last year.
News Source: 12punto
