Biontech Reports €700 Million Loss and Plans Workforce Restructuring
The biotech firm, known for its COVID-19 vaccine, cites heavy investments in cancer drug development and declining revenues as key factors behind the losses.
- Biontech recorded a €700 million net loss in 2024, following a steep drop in COVID-19 vaccine demand and revenues shrinking from €9.4 billion in 2022 to €2.75 billion in 2024.
- The company plans to cut 950 to 1,350 full-time positions globally by 2027, with significant reductions at its Marburg and Idar-Oberstein facilities in Germany.
- Despite the layoffs, Biontech aims to strengthen its Mainz headquarters, adding 350 new roles in 2025 and focusing on mRNA research for cancer and infectious disease treatments.
- Biontech is targeting a 2026 market approval for its first cancer therapy, with promising developments in treatments for bladder and colorectal cancers, though success is not guaranteed.
- The company has advanced six Phase 3 clinical trials, including five involving its key candidate BNT327, which is being tested for multiple late-stage cancers such as lung and breast cancer.
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