BioNTech returns to quarterly profit and narrows revenue forecast
BioNTech returned to profit in the third quarter despite a fall in vaccine demand. Net profit reached 184.5 million euros, while the nine-month net loss widened to 1,168.2 million euros. The German biotechnology company increased the lower end of its annual revenue forecast. It maintained its adjusted research spending outlook and held cash and security investments of 16,163.8 million euros at September end.
Economics & Markets··Morning
Profit returns despite weaker vaccine revenue
BioNTech, the German biotechnology company, returned to profit in the third quarter despite lower revenue associated with reduced demand for COVID-19 vaccines. It also updated its annual revenue outlook when it announced the results on 3 November.[1], [2]
Revenue decreased from 1,518.9 million euros to 1,289.2 million euros compared with the same quarter a year earlier. Under international financial reporting standards, net profit was 184.5 million euros, against a loss of 28.7 million euros. Adjusted net profit fell from 752.5 million euros to 440.9 million euros.[1]
Nine-month loss widens as research expenses increase
The nine-month net loss widened from 831.1 million euros to 1,168.2 million euros. Quarterly research and development expenses rose from 564.8 million euros to 748.1 million euros, while adjusted spending was 578.5 million euros. BioNTech cited late-stage cancer programmes and impairments on intangible assets outside its strategic focus as drivers of the increase. Selling, general and administrative expenses reached 178.5 million euros.[1]
Revenue forecast narrows and research outlook is maintained
Management narrowed its annual revenue forecast from 1,600–1,900 million euros to 1,700–1,900 million euros. Adjusted research spending guidance remained 2,000–2,300 million euros. Cash, equivalents and security investments totalled 16,163.8 million euros at September end, including 10,200.8 million euros in cash and equivalents.[1]
