(Reuters) – German drugmaker BioNTech on Monday lowered its guidance for full-year revenue, citing COVID-19 uptake and price levels, inventory write-downs and Pfizer charges.
(Reuters) – German drugmaker BioNTech on Monday 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 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)
(Reporting by Anastasiia Kozlova and Amir Orusov, Editing by Rachel More)
Revenue is the total income generated by a company from its business activities, typically from sales of goods and services, before any expenses are deducted.
An inventory write-down is an accounting adjustment that reduces the book value of inventory to reflect its current market value, often due to obsolescence or damage.
Research and development (R&D) refers to the activities companies undertake to innovate and introduce new products or services, improving existing ones or developing new technologies.
A vaccine is a biological preparation that provides active acquired immunity to a particular infectious disease, helping the body to recognize and fight pathogens.
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