BioNTech Faces Sharp Decline in Vaccine Demand, Shifts Focus to Oncology

As Q4 earnings fall short of expectations, BioNTech pivots towards cancer drug development amid dwindling COVID-19 vaccine sales.

BioNTech's Q4 earnings and sales significantly missed estimates due to a sharp decline in COVID-19 vaccine demand, with revenue dropping 65% to 1.48 billion euros.
The company attributes part of the revenue decline to writedowns of inventory from its partner Pfizer, amounting to 291.3 million euros.
Despite the downturn, BioNTech is shifting its focus towards cancer drug development, boasting seven programs in phase 2 and phase 3 trials, and aiming for its first oncology launch in 2026.
BioNTech's stock hit a three-year low, reflecting investor concerns over the future profitability amid falling vaccine sales.
The company provided a subdued 2024 sales outlook, projecting revenues between 2.5 billion euros and 3.1 billion euros, below previous estimates.