BioNTech, the biotechnology company co-founded by Turkish scientists Özlem Türeci and Uğur Şahin in Germany, announced on Monday that it will likely lose 900 million euros in the third quarter of this year from the Covid-19 vaccines it produces with its partner Pfizer.
BioNTech's partner Pfizer announced on Friday that its Covid-19 vaccine and treatment will be downsized by $3.5 billion due to lower than expected sales, while cutting its annual revenue forecast by 13 percent.
Pfizer said it would take a non-cash charge of $5.5 billion in the third quarter to write off $4.6 billion of Paxlovid and $900 million of inventory write-offs and other charges for the vaccine.
In a statement made by BioNTech today, it was noted that the loss related to stock write-offs and other charges for the Covid-19 vaccine Comirnaty, co-produced with Pfizer, could reach 900 million euros in the third quarter.
BioNTech reported that this loss, which will be recorded on the balance sheet in the third quarter, will also reduce 2023 revenues.
Vaccine sales fall, companies' income also decreased
According to Reuters, a BioNTech spokesperson declined to comment on comments that the company expects revenues of 5 billion euros in 2023 inventory.
The German company will release final figures for the third quarter on November 6.
Pfizer surpassed $100 billion last year, with record revenues in 2021 and 2022 after developing the Comirnaty vaccine and stand-alone antiviral treatment Paxlovid with its German partner BioNTech SE. Last year, revenue from these two products exceeded $56 billion.