Health

BioNTech Q2 Losses Quadruple Amid Shift to Cancer Drugs

Aug 5, 2024 1 min read

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BioNTech SE announced its second quarter 2024 financial results, revealing a net loss of €807.8 million and a loss per share of €3.36 ($3.621). The company's revenues for the quarter fell to €128.7 million, a 23% decline attributed to decreased sales of its COVID-19 vaccine. Despite the financial setbacks, BioNTech reiterated its 2024 revenue guidance, projecting total revenues in the range of €2.5 to €3.1 billion, with most of the revenue expected to come towards the end of the year.

The company highlighted positive data from multiple mRNA cancer vaccine clinical trials, including Phase 2 results of its FixVac candidate BNT111. Additionally, BioNTech launched an updated variant-adapted COVID-19 vaccine in the European Union, received approval in the UK, and initiated a rolling supplemental Biologics Licensing Application with the U.S. FDA. The firm ended Q2 with €18.5 billion in cash, cash equivalents, and security investments. BioNTech's finance chief, Jens Holstein, emphasized the company's commitment to its long-term growth strategy, which includes investing in new drug development and expanding manufacturing capacity.

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