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BioNTech takes hit in Q2 as revenue declines, net loss widens

In addition to declining sales, BioNTech reported an €807.8 million net loss, which represents a widening from the €190.4 million net loss reported this time last year.

Molly Huth

August 5, 2024

11:13 am

Credit: Getty Images / Thomas Lohnes

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BioNTech endured through another tough quarter as revenue declined 30% year-over-year to €128.7 million in Q2.

The German drugmaker released its latest earnings report Monday morning and like other COVID vaccine manufacturers, it attributed much of the revenue loss to changes in the market for the shot.

In addition to declining sales, BioNTech reported an €807.8 million net loss, which represents a widening from the €190.4 million net loss reported this time last year.

The driving force behind the widening loss were R&D expenses, which totalled €525.6 million during the quarter. This money mainly went to the progression of clinical studies for the company’s latestage oncology pipeline candidates.

The drugmaker also reported a loss of earnings per share (EPS) of €3.36. This compares unfavorably to the EPS loss of €0.79 in Q2 2023.

Still, despite this struggling financial performance, the company reiterated its existing full-year guidance.

BioNTech estimated it will produce between €2.5 billion to €3.1 billion in total revenues by the end of the year. The company rationalized this estimation given that it expects an uptick in COVID vaccines sales in the fall and winter as well as potential regulatory approvals and other business dealings.

“The year to date has been marked by significant data updates across our oncology portfolio.” BioNTech CEO Ugur Sahin, MD, said in a statement. “We have started commercializing variant-adapted COVID-19 vaccines for the upcoming season, while accelerating our clinical development efforts to realize the full potential of our technologies. We are making progress towards our goal of becoming a company with marketed medicines for cancer and infectious diseases.”

The COVID vaccine program, which BioNTech developed in collaboration with Pfizer, continues to make progress. The drugmaker said data from a fully enrolled Phase 3 clinical trial is expected to be produced later this year. The company has already filed its latest COVID vaccination with the Food and Drug Administration.

The company also saw success from its Phase 1/2 trial for immune responses to influenza A, influenza B and SARS-CoV-2 strains.

There are a few other drugs to look out for, according to Lee Brown, the global sector lead for healthcare at the research firm Third Bridge.

“Our experts remain focused on BioNTech’s oncology strategy, and we continue to closely follow BNT111, a mRNA cancer vaccine based on the company’s FixVac platform, where positive topline results from its phase 2 were released in July.” These developments are part of a collaborative effort with Regeneron.

Brown also called attention to BNT323/DB-1303 for metastatic breast cancer, BNT316/ONC-392 to treat non-small cell lung cancer and BNT327 to treat solid tumors. These drugs vary in development stages but are cited as promising for the company.

The company also won a fast track designation from the FDA for its prostate cancer drug in collaboration with DualityBio and gained orphan drug designation for its treatment of esophageal squamous cell carcinoma.

However, the company’s Phase 1 treatment for EGFR-mutated non-small cell lung cancer with Medilink was put on partial clinical hold in mid-June.

Additionally, BioNTech ended its work on a Genmab-partnered bispecific antibody called acasunlimab.

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BioNTech takes hit in Q2 as revenue declines, net loss widens

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