Thomas Lyons 
BioNTech, Pfizer’s partner in developing COVID-19 vaccines, has reported a sharp decline in its first-quarter profit due to lower demand for the shots. The company has been focusing on broadening its work on cancer treatments and other diseases, leading to a string of takeovers and alliance deals. BioNTech’s net profit for the quarter was €502m, down from €3.7bn a year earlier. The drop in profit comes as the World Health Organization ended the global emergency status for COVID-19, stating that the virus should now be managed along with other infectious diseases.
Despite the decline in profit, BioNTech reaffirmed its outlook for revenues from the COVID-19 vaccine to reach €5bn in 2023, down from €17.2bn last year. The company is also working on other vaccines against infections such as tuberculosis and shingles. BioNTech’s research and development budget is set to be between €2.4bn and €2.6bn this year, up from €1.54bn last year, as it hires scientists and initiates more expensive late-stage trials.
BioNTech is currently in talks with the European Union about deferred or reduced COVID-19 vaccine deliveries as it re-negotiates a bulk purchase contract. The company declined to comment on the state of discussions on the price to be paid per shot.
BioNTech has built up an €18.6bn balance of cash and receivables at the end of March. The company’s focus on cancer treatments has led to a number of takeovers and alliance deals. BioNTech is developing a range of cancer treatments that use messenger RNA to encourage the body’s immune system to attack tumours. The company is also working on vaccines for other infectious diseases.
BioNTech’s quarterly net profit drop comes as the company widens its work on cancer and other diseases. The company has been pursuing a string of takeovers and alliance deals to broaden its work on cancer treatments. BioNTech is developing a range of cancer treatments that use messenger RNA to encourage the body’s immune system to attack tumours. The company is also working on vaccines for other infectious diseases.
BioNTech’s outlook for revenues from the COVID-19 vaccine to reach €5bn in 2023, down from €17.2bn last year, is due to the decreasing demand for the shots. The company is also working on other vaccines against infections such as tuberculosis and shingles. BioNTech’s research and development budget is set to be between €2.4bn and €2.6bn this year, up from €1.54bn last year, as it hires scientists and initiates more expensive late-stage trials.
BioNTech is currently in talks with the European Union about deferred or reduced COVID-19 vaccine deliveries as it re-negotiates a bulk purchase contract. The company declined to comment on the state of discussions on the price to be paid per shot. The EU is seeking to secure more doses of the vaccine, which has been shown to be highly effective against COVID-19.
In conclusion, BioNTech’s quarterly net profit has declined due to lower demand for COVID-19 vaccines as the company widens its work on cancer and other diseases. The company is also working on other vaccines against infections such as tuberculosis and shingles. Despite the decline in profit, BioNTech reaffirmed its outlook for revenues from the COVID-19 vaccine to reach €5bn in 2023, down from €17.2bn last year. The company is in talks with the European Union about deferred or reduced COVID-19 vaccine deliveries as it re-negotiates a bulk purchase contract. The company declined to comment on the state of discussions on the price to be paid per shot.
