BioNTech, the German biotechnology company, has revised its full-year revenue forecast for Covid-19 vaccines and adjusted its spending plans. The company now anticipates Covid-19 vaccine revenue for 2023 to be approximately €4 billion ($4.29 billion), down from its previous estimate of around €5 billion.
The revision in revenue expectations is attributed to delays in regulatory approvals and the impact of write-downs recently disclosed by BioNTech’s collaboration partner, Pfizer. Consequently, both companies have decided to lower their revenue projections.
In line with the adjusted revenue forecast, BioNTech has also modified its investment plan for research and development. The company now intends to invest between €1.80 billion and €2.00 billion, compared to the previous target range of €2.40 billion to €2.60 billion. Additionally, BioNTech has reduced its guidance for capital expenditure and selling, general, and administrative expenses.
During the third quarter, BioNTech achieved a net profit of €160.6 million, a decline from the €1.78 billion recorded during the same period last year. The company’s revenue for the quarter amounted to €895.3 million, reflecting a decrease from €3.46 billion. Notably, Pfizer’s inventory write-downs accounted for a reduction in revenue by €507.9 million.
These adjustments come as BioNTech navigates evolving market conditions and factors affecting its business operations.