BERLIN (Reuters) – BioNTech’s net loss quadrupled in the second quarter from a year earlier, the German drugmaker said on Monday, as it pivots to new cancer treatments following a sharp drop in sales of its COVID-19 vaccine.
BioNTech reported a net loss of 807.8 million euros in the second quarter, compared with a loss of 190.4 million a year earlier.
Quarterly revenue fell 23% to 128.7 million euros, mainly due to lower sales of its COVID-19 vaccines, whose development in partnership with US drugmaker Pfizer and widespread use during the pandemic have made the small German biotech company an established brand.
“Our second quarter revenues are in line with the ongoing demand from a rampant seasonal market for the COVID-19 vaccine,” Jens Holstein, the group’s chief financial officer, said in a statement.
“Supported by our strong financial position, we will continue to focus on our long-term growth strategy during the remainder of the year,” he added.
About 90% of BioNTech’s total research and development spending is on non-COVID-related activities, primarily oncology and mRNA, the company said.
BioNTech aims for first launch in oncology in 2026.
Pfizer last week raised its annual profit forecast, helped by cancer treatments and strong sales of its heart disease drug, as the company grapples with a sharp drop in revenue from COVID-19 products.
(Report by Rachel More, by Elena Smirnova, edited by Augustin Turpin)
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