(c) Biontech
The biotech company Biontech has slipped deeper into the red. To counteract this, a new research and development focus has been set.
The continuing decline in demand for corona vaccines continues to cause problems for the German biotech company Biontech. In the second quarter, the group posted a net loss of around 807 million euros, after a loss of around 109 million euros in the previous year. Sales fell to 128.7 from 167.7 million euros. Biontech had already felt the end of the pandemic and the collapse in demand for corona vaccines last year, which is why sales and profits fell significantly.
At the same time, research and development costs climbed – according to the company, they amounted to 584.6 million euros in the second quarter, compared to 373.4 million euros in the previous year. “We will focus on our long-term growth strategy over the rest of the financial year, which is supported by our strong financial position,” explained Biontech CFO Jens Holstein. The goal is to transform Biontech into a multi-product company.
The focus is now on the development of cancer drugs. The first drug is expected to come onto the market in 2026. At the end of July, the company had an important study success with one of its most advanced mRNA projects. In the cancer immunotherapy BNT111, the first potential mRNA cancer drug had achieved the primary goal of the study in a phase 2 clinical trial, it was said at the time.
For the full year, the group continues to expect sales of 2.5 to 3.1 billion euros (2023: 3.8 billion euros), and research expenditure is expected to remain unchanged at 2.4 to 2.6 billion euros. The figures did not generate much enthusiasm on the stock market, with the group’s shares falling by almost six percent at times in Frankfurt and later making up some of the losses. (red/APA)
