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BioNTech says 90% of 2024 revenues will accrue at end of year
Global Banking & Finance Review®
Company
By Ludwig Burger
FRANKFURT (Reuters) -Germany’s BioNTech, whose COVID-19 vaccine in partnership with Pfizer was widely used during the pandemic, said on Monday that almost all of its expected 2024 revenues would come in at the end of the year.
BioNTech, which is investing money earned during the pandemic in cancer drug development, said in a statement that it is still targeting 2024 revenues in a range of 2.5 billion euros ($2.69 billion) to 3.1 billion euros.
“BioNTech expects to recognize approximately 90% of its full year revenues in the last months of 2024,” the company added.
First quarter revenues plunged to 188 million euros from 1.28 billion a year earlier. The biotech firm posted a quarterly net loss of 315 million euros, compared with a profit of 502 million a year earlier.
Partner Pfizer said last week it still expects $8 billion in combined 2024 sales of its COVID-19 products, $5 billion of which from the Comirnaty-branded COVID-19 vaccine.
($1 = 0.9287 euros)
(Reporting by Ludwig Burger, Editing by Rachel More)
Revenue is the total amount of money generated by a company's business activities, typically from the sale of goods or services before any expenses are deducted.
A quarterly net loss occurs when a company's expenses exceed its revenues during a specific quarter, resulting in a negative profit for that period.
A COVID-19 vaccine is a biological preparation designed to provide immunity against the coronavirus SARS-CoV-2, which causes the disease COVID-19.
Cancer drug development refers to the process of researching, designing, and testing new medications aimed at treating cancer and improving patient outcomes.
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