BioNTech's revenue drops as demand for Covid-19 vaccine declines!

German biotechnology firm BioNTech announced that its revenue in 2023 fell by 78 percent compared to the previous year due to a decline in demand for the Covid-19 vaccine and the company's shift in focus toward developing cancer drugs.

According to BioNTech, which announced its financial results for the past year and the final quarter, the company's net profit in 2023 decreased by 90 percent compared to the previous year, falling to 930.3 million euros. Revenue dropped by 78 percent to 3 billion 819 million euros. The company had recorded a profit of 9 billion 434 million euros in 2022, with revenue reaching 17.31 billion euros.

BioNTech expects its revenue for this year to be in the range of 2.5-3.1 billion euros, depending on regulatory developments and the procurement of the Covid-19 vaccine. The company's R&D expenditures are projected to be between 2.4-2.6 billion euros this year.

In the fourth quarter of last year, BioNTech's net profit was 457.9 million euros, an 80 percent decrease compared to the previous year.

BioNTech CEO and co-founder Prof. Dr. Uğur Şahin stated that the company maintains its leading position in the Covid-19 vaccine market and has made significant progress in the field of oncology, saying, "Our goal is to receive 10 product approvals in oncology by 2030 and to improve treatment options for patients around the world."

News Source: AA