BioNTech reports 315.1 million euro loss in Q1 – Latest Economic Update
BioNTech Reports Strong First Quarter Performance Despite Revenue Decline
In the first quarter of 2023, BioNTech, a leading biotechnology company, reported a net profit of 502.2 million euros. This marked a significant improvement from the same period last year when the company announced a net loss of 315.1 million euros. However, the company’s net profit per share decreased from 14.24 euros to 2.05 euros.
BioNTech’s revenue experienced a sharp decline of 85 percent in the first quarter of this year compared to the same period in 2022, falling to 187.6 million euros. Despite this decrease, the company still managed to generate a revenue of 1 billion 277 million euros in the first quarter of 2023.
The company attributed the change in financial results to the decrease in revenues from the sale of Covid-19 vaccines worldwide. BioNTech expects to generate the majority of its revenues for the full year towards the end of 2024 as it works on developing a Covid-19 vaccine adapted to new variants for the 2024/25 vaccination season.
In addition to its focus on Covid-19 vaccines, BioNTech has also shifted its attention to cancer drug development. The company plans to launch its first cancer drug in 2026 and has begun clinical trials for vaccine candidates against malaria, tuberculosis, and tuberculosis.
“We are planning to accelerate our activities,” said BioNTech CEO and Founding Partner Prof. Dr. Uğur Şahin. He emphasized the company’s plans to develop and commercialize variant-adapted Covid-19 vaccines and expand its oncology unit to become a commercial company with drugs marketed for cancer and infectious diseases.
