BioNTech suffers huge losses German drugmaker BioNTech has suffered a huge loss in 2024 due to a drop in global demand for its Covid-19 vaccine. According to a company report released on Monday, their loss in the past year was 665.3 million euros (about $721 million). Despite earning a profit of more than 930 million euros in 2023, BioNTech failed to make a profit in any financial year for the first time since 2019 due to the company’s huge loss in 2024. According to the report, the company’s revenue in 2024 fell 27 percent compared to the previous year to just 2.75 billion euros.
BioNTech said that their revenue fell due to a drop in global demand for Covid-19 vaccines. In addition, the company’s profit share decreased due to the decline in the value of its subsidiary Pfizer.
BioNTech suffers huge losses The company’s profit per share in 2023 was 3.83 euros, which fell to -2.77 euros in 2024. However, BioNTech has set a revenue target of 1.7 to 2.2 billion euros for the current year.
Despite these losses and declining sales, BioNTech claims that it has sufficient funds to develop new drugs against diseases such as cancer. Its cash and securities amounted to 17.4 billion euros at the end of 2024.
BioNTech’s Chief Executive Officer (CEO) Professor Ugur Sahin said, “We expect to report significant progress from our important research projects in 2025.” He believes that the successful implementation of these projects will help improve the medical system.
It is worth noting that BioNTech has earned more than 20 billion euros from selling the Covid-19 vaccine with Pfizer.
