BioNTech Warns on Covid-19 Vaccine Revenue, Lowers Spending Plans
06 Novembro 2023 - 9:17AM
Dow Jones News
By Helena Smolak
BioNTech warned that full-year revenue from Covid-19 vaccines
would be weaker than previously expected and reduced its spending
plans.
The German biotechnology company said Monday that it now
estimates Covid-19 vaccine revenue for 2023 to be around 4 billion
euros ($4.29 billion), down from its previous expectation of around
EUR5 billion.
Delays in the expected timing of regulatory approvals, as well
as the effect of write-downs recently disclosed by collaboration
partner Pfizer, led the two companies to lower their revenue
expectations, BioNTech said.
BioNTech said it now plans to invest between EUR1.80 billion and
EUR2.00 billion in research and development, down from its previous
target of EUR2.40 billion to EUR2.60 billion. The company also cut
its guidance for capital expenditure and for selling, general and
administrative expenses.
For the third quarter, the company made a net profit of EUR160.6
million compared with EUR1.78 billion in the same period last
year.
BioNTech generated revenue of EUR895.3 million, down from
EUR3.46 billion. Pfizer's inventory write-downs reduced revenue by
EUR507.9 million, it said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
November 06, 2023 07:02 ET (12:02 GMT)
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