BioNTech, the German biotechnology company known for developing an mRNA-based Covid-19 vaccine, has announced a loss for the second quarter of this year. Despite this setback, the company remains optimistic about its revenue prospects and expects to generate around 5 billion euros ($5.51 billion) from the vaccine by 2023.
In Q2, BioNTech reported a loss of EUR190.4 million, a significant decrease compared to the profit of EUR2.32 billion in the same quarter last year. Similarly, the company’s revenue dropped from EUR3.20 billion to EUR167.7 million during this period.
Furthermore, BioNTech’s operating income for Q2 2022 was EUR563.3 million, down from EUR2.21 billion in the previous year.
To mitigate expenses, including research and development costs, BioNTech has lowered its expense forecast for the year. Chief Financial Officer Jens Holstein emphasized the company’s cautious approach to spending, acknowledging some uncertainty in terms of revenue generation.
Despite these challenges, BioNTech is actively expanding its infectious-disease pipeline and is set to release a new Covid-19 vaccine tailored to the Omicron variant in the upcoming fall.