BioNTech flags weaker 2024 revenues

(Sharecast News) - BioNTech forecast 2024 revenues would come in below analyst expectations on Tuesday, as demand for its Covid-19 vaccine continues to wane. The German firm, which is listed on Nasdaq, said it expected total company revenues to be around €3bn in the 2024 financial year. Analysts had pencilled in annual profits nearer to €3.7bn.

In partnership with US giant Pfizer, BioNTech developed one of the most successful Covid vaccines. However, after the rapid roll out of a global vaccination programme and the easing of the pandemic, demand has dropped off.

The vaccine is currently BioNTech's only marketable drug.

However, it plans to use the same technology to develop treatments for other respiratory illnesses and cancer. BioNTech currently has 11 ongoing phase 2 and 3 oncology trials.

The firm also confirmed it ended 2023 with around €17.5bn in cash, cash equivalents and security investments.

Ugur Sahin, chief executive and co-founder, said: "Currently, late stage trials are ongoing in multiple oncology indications, and we plan to have ten or more potentially registrational trials in our pipeline by the end of 2024.

"This year will be a year of significant execution at BioNTech as we continue to expand and develop our innovative pipeline towards our first oncology launches from 2026 onwards."

BioNTech provided the update at JPMorgan's annual healthcare conference. It is due to provide detailed full-year 2024 financial guidance when it releases 2023 numbers on 20 March.

In November, BioNTech cut its forecasts for 2023 revenues by €1bn to €4bn. In 2022, BioNTech posted annual revenues of €17.3bn.

As at 1345 GMT, shares in BioNTech were down 2% in pre-market trading in New York.