BioNTech posted a second-quarter loss of €190 million due to a slump in demand for the Covid vaccine it developed with US firm Pfizer, the German biotech company announced on Monday.
This is its first setback since 2020.
BioNTech expects, however, that demand for Covid vaccines will rebound in the second half of 2023. It says it will supply doses adapted to the latest variants of the virus from next month at the earliest.
The company’s revenue, meanwhile, fell to €167.7 million between April and June, compared with the €3.2 billion earned in the same quarter last year. In the second quarter of 2022, the vaccine maker registered a net profit of $1.67 billion
Alongside the Covid market, BioNTech is developing several drugs to fight infectious diseases and hard-to-treat cancers. However, the research is still at the experimental stage, the firm points out.
