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BioNTech reports revenue loss in 2024 due to decreasing demand for COVID-19 vaccines
(MENAFN) German biotech company BioNTech announced a loss of EURO665.3 million (USD721 million) in 2024, due to the decline of demanding its COVID-19 vaccines, based on the firm's financial outcomes report released on Monday.
The firm, which marked a EURO930.3 million gain in 2023, did not succeed to gain a profit in a fiscal year for the first time since 2019.
BioNTech's earnings dropped down by 27 percent the previous year in comparison with the year before to EURO2.75 billion.
"The decrease in revenues was primarily driven by lower sales of the company’s COVID-19 vaccines due to reduced market demand," it stated.
"In addition, write-downs by BioNTech’s collaboration partner Pfizer Inc. (Pfizer) significantly reduced the company’s gross profit share, which negatively influenced its revenues," it also mentioned.
The firm's net profit for each share, which was EURO3.83 in 2023, shifted to losing EURO2.77 in 2024.
The German firm is aiming for earnings of between EURO1.7 as well as EURO2.2 billion this year.
The firm, which marked a EURO930.3 million gain in 2023, did not succeed to gain a profit in a fiscal year for the first time since 2019.
BioNTech's earnings dropped down by 27 percent the previous year in comparison with the year before to EURO2.75 billion.
"The decrease in revenues was primarily driven by lower sales of the company’s COVID-19 vaccines due to reduced market demand," it stated.
"In addition, write-downs by BioNTech’s collaboration partner Pfizer Inc. (Pfizer) significantly reduced the company’s gross profit share, which negatively influenced its revenues," it also mentioned.
The firm's net profit for each share, which was EURO3.83 in 2023, shifted to losing EURO2.77 in 2024.
The German firm is aiming for earnings of between EURO1.7 as well as EURO2.2 billion this year.
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