©Reuters. FILE PHOTO: The logo of BioNTech is pictured at Biontech’s research laboratory for personalized cancer vaccines in Mainz, Germany, July 27, 2023. REUTERS/Wolfgang Rattay/File Photo
BERLIN (Reuters) – German BioNTech (NASDAQ:), whose vaccine against Covid-19 in collaboration with Pfizer (NYSE:) has been widely used during the pandemic, on Wednesday reported a slump in 2023 revenue and earnings as its focus shifts to developing cancer drugs.
The Mainz-based company reported revenue of 3.819 billion euros, down more than three-quarters from 2022, and net profit of 930.3 million euros, 90% lower than the previous year.
BioNTech is targeting 2024 revenues of between 2.5 and 3.1 billion euros, depending on, among other things, regulatory developments and COVID-19 vaccine adoption, it said in a statement.
The company is targeting its first oncology launch in 2026 and approval of ten indications by 2030, the statement added.