BioNTech Swings to Net Loss on Lower Covid Vaccine Sales

By Helena Smolak

BioNTech swung to a net loss in the first quarter, when revenue plummeted after a sharp decline in its Covid-19 vaccine sales.

The German biotechnology company, listed on the U.S. stock exchange, said Monday that it recorded a first-quarter net loss of 315.1 million euros ($339.2 million) compared with a net profit of EUR502.2 million in the same prior-year period.

First-quarter revenue came in at EUR187.6 million compared with EUR1.28 billion the year prior due to a sales decline of its Covid-19 vaccine Comirnaty.

BioNTech reiterated its full-year revenue outlook of between EUR2.5 billion and EUR3.1 billion, expecting to book approximately 90% of its full-year revenue in the last months of 2024.

"We aim to have 10 or more potentially registrational trials running by year-end 2024, which we believe will change the picture of the company going forward. Besides having a strong franchise in infectious diseases, we aim to have multiple oncology products reaching the market by 2026 onwards," Chief Financial Officer Jens Holstein said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

May 06, 2024 07:27 ET (11:27 GMT)

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