(Boursier.com) — BioNTech the German partner of Pfizer, listed on Wall Street, unsurprisingly lowered its Covid-19 revenue forecasts for 2023 by around 1 billion euros, due to low demand for the vaccine manufactured with its American ally. Thus, BioNTech reduced its estimates of annual revenues linked to covid vaccines to 4 billion euros against 5 billion previously – and 17.2 billion last year. The group added that the writedowns announced by Pfizer in mid-October had affected its third quarter revenue by 508 million euros. The German laboratory’s third quarter turnover stood at 895 million euros, in line with market expectations, compared to 3.46 billion euros a year earlier. Net profit for the third quarter of 2023 remains positive at 161 million euros, 67 cents per share, compared to 1.78 billion euros for the comparable period last year. At nine months, revenues totaled 2.3 billion euros, for a net profit of 472 million euros.
Pfizer And BioNTech Inc. said last month that their experimental vaccine to prevent both flu and covid generated a strong immune response against strains of the virus in an early-to-mid-stage trial. Outside of coronavirus, BioNTech is focusing its attention on a growing pipeline in oncology, which includes the use of mRNA technology. The reduced revenue outlook, however, prompted the group to reduce its 2023 research and development budget for the second time, now within a range of 1.8 to 2 billion euros.
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