315.1 million euro loss from BioNTech in the first quarter
German biotechnology company BioNTech lost 315.1 million euros in the first quarter due to the decrease in demand for the Covid-19 vaccine.
According to BioNTech’s balance sheet for the January-March period, the company made a net profit of 502.2 million euros in the first quarter of 2023 and announced a net loss of 315.1 million euros in the January-March period of this year.
The company’s net profit per share, which was 14.24 euros in the first quarter of last year, decreased to 2.05 euros in the same period this year.
BioNTech’s revenue decreased by 85 percent in the first quarter of this year compared to the same period last year, falling to 187.6 million euros. The company earned a revenue of 1 billion 277 million euros in the first quarter of 2023.
In the company statement, it was stated that the change in financial results was due to the decrease in the company’s revenues from the sale of Covid-19 vaccines worldwide.
“BioNTech expects to generate approximately 90 percent of its full year revenues in the last months of 2024,” the statement said, adding that the company is still working on a Covid-19 vaccine adapted to another variant for the 2024/25 vaccination season.
According to the statement, the company shifted its focus to developing cancer drugs after the Covid-19 epidemic and plans to launch its first cancer drug in 2026.
In the field of infectious diseases, BioNTech has also started clinical tests for vaccine candidates against malaria, tuberculosis and tuberculosis.
BioNTech CEO and Founding Partner Prof. Dr. Uğur Şahin noted that they plan to develop and commercialize a variant-adapted Covid-19 vaccine for the rest of the year.
Prof. Dr. Şahin said, “We plan to accelerate our clinical development activities to realize the full potential of our oncology unit with the aim of becoming a commercial company with drugs marketed for cancer and infectious diseases.” he said.