On Monday, BioNTech (NASDAQ: BNTX), the German drugmaker, lowered its guidance for full-year revenue, citing COVID-19 uptake and price levels, inventory write-downs, and Pfizer charges.
The company now expects 2024 revenue to be at the low end of the guidance range of 2.5 to 3.1 billion euros ($2.72 – $3.38 billion).
BioNTech, whose COVID-19 vaccine in partnership with Pfizer (NYSE: PFE) was widely used during the pandemic, reported third-quarter revenue of 1.24 billion euros compared to 895.3 million euros year ago, helped by earlier approvals for its variant-adapted COVID-19 vaccines.
In August, the Mainz-based company said some 90% of its total research and development spending was going towards non-COVID related activities, mainly oncology and mRNA.
“We remain focused on advancing our late-stage oncology product candidates towards potential registration,” said BioNTech’s CEO Ugur Sahin.
The company is aiming for its first oncology launch in 2026.
($1 = 0.9176 euros)
(Source: Reuters)
