Biontech starts the fiscal year with a loss

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Written By Maya Cantina

Mainz

Mainz-based vaccine maker Biontech started the 2024 financial year with a loss. The bottom line was a net loss of 315.1 million euros in the first quarter after a profit of 502.2 million in the corresponding period last year, the company announced on Monday in Mainz. Sales collapsed from €1.27 billion in the first quarter of 2023 to €187.6 million.

Biontech justified this with reduced revenue from the Covid-19 vaccine, which had made the company world famous. According to its own information, the company is currently working on another customized Covid-19 vaccine for the upcoming 2024/25 vaccination season. The World Health Organisation (WHO) and the European Medicines Agency EMA have made their recommendation for adaptation, Biontech also announced. They want to submit it to the authorities later this month.

For the full year 2024, the Mainz company continues to expect sales of between 2.5 and 3.1 billion euros. However, they estimate that around 90 percent of this will be achieved in the final months of this year.

Focus on oncology

Biontech wants to bring its first cancer drug to market in 2026. There are currently two studies in the latest phase 3: A study of a lung cancer drug candidate has been underway since June last year, and one of a potential breast cancer drug was added earlier this year. Another phase 3 study is scheduled to start soon in the case of an active ingredient against recurrent cervical cancer.

During this year, the development and commercialization of the customized Covid-19 vaccine as well as the development of anti-cancer agents should be pushed forward, company chief and co-founder Ugur Sahin said in a statement. “Biontech should become a commercial cancer and infectious disease drug company.” In the area of ​​infectious diseases, Biontech last year started clinical trials for vaccine candidates against malaria, tuberculosis and Mpox. The latter was formerly called monkey blobs.


One note: This report is part of an automated service of the German Press Agency (dpa), which operates according to strict journalistic rules. It will not be edited or reviewed by the AZ online editorial team. Send questions and comments feedback@az-muenchen.de



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