They vaccinated the world: BioNTech reports millions of euros in losses!

BioNTech, the Germany-based biotechnology firm whose vaccine was used in many countries around the world during the fight against the coronavirus pandemic, has announced a net loss of 315.1 million euros for the first quarter of 2024.

The company, which recorded a profit of 502 million euros in the same period last year, generated a total revenue of 187.6 million euros in the first three months of this year.

The company, which saw a major decline in revenue as global interest in the Covid-19 vaccine waned, had recorded a total revenue of 1.27 billion euros in the same period of 2023.

According to the financial report published by the company, it reported a net profit of 2.05 euros per share in the first quarter of 2023, while it posted a loss of 1.31 euros per share in the first quarter of this year. With the decline in Covid-19 vaccine sales, the company also recorded a decrease in sales expenses, which fell from 96 million euros in the first quarter of 2023 to 59.1 million euros in the first quarter of this year.

The company's R&D expenses, which were 334 million euros in the first quarter of 2023, rose to 507.5 million euros in the same period this year, reflecting the company's investments in innovation and research.

''PLANNING TO DEVELOP A COVID-19 VACCINE ADAPTED TO VARIANTS...''

BioNTech co-founder and CEO Uğur Şahin said, “For the remainder of the year, we plan to develop and commercialize a Covid-19 vaccine adapted to variants. We will also continue our efforts to accelerate our clinical development activities to unlock the full potential of our oncology product pipeline, in line with our vision of becoming a commercial company that offers marketed drugs for cancer and infectious diseases.”

''FOR PATIENTS, SOCIETY, AND OUR SHAREHOLDERS...''

Emphasizing that the company has a strong cash position of 16.9 billion euros, BioNTech CFO Jens Holstein said, “We remain committed to changing the way cancer and infectious diseases are treated, particularly by leveraging our extensive experience in using mRNA platforms. We will focus on this vision for the rest of the year and work to ensure sustainable long-term growth and create value for patients, society, and our shareholders.”

Despite the loss in the first quarter, the company projects its revenue for the 2024 fiscal year to be between 2.5 and 3.1 billion euros.

News Source: İHA