BERLIN – Losses at Germany’s BioNTech (NASDAQ: BNTX) quadrupled year-on-year in the second quarter, the company said on Monday, as it banks on a strategy shift towards new cancer treatments following a sharp drop-off in sales of its COVID-19 vaccine.
BioNTech reported a second-quarter net loss of 807.8 million euros ($885.03 million), versus a loss of 190.4 million a year earlier.
The company also saw a 23% drop in quarterly revenue to 128.7 million euros, mainly due to lower sales of its COVID-19 vaccines, whose development in partnership with U.S. partner Pfizer (NYSE: PFE) and wide use during the pandemic made the small German biotech firm a household name.
“Our second quarter revenues correspond to the current demand of a seasonal endemic COVID-19 vaccine market,” finance chief Jens Holstein said in a statement.
“Supported by our strong financial position, we will continue to focus on our long-term growth strategy throughout the remainder of the year,” he added.
Some 90% of BioNTech’s total research and development spending is going towards non-COVID-related activities, mainly oncology and mRNA, the company said.
BioNTech (NASDAQ: BNTX) aims for its first oncology launch in 2026.
Last week, Pfizer (NYSE: PFE) lifted its annual profit guidance as the company acquired cancer treatments through a $43 billion deal for Seagen, and strong sales of its heart disease drug helped the company offset the post-pandemic slump in vaccine sales.
($1 = 0.9127 euros)
(Source: ReutersReuters)
