Shares in the German biotechnology company BioNTech fell by nearly nine percent this week as demand for their COVID-19 vaccine, developed jointly with Pfizer, continues to decline.
Despite quarterly earnings exceeding expectations, the company reported a fall in revenue as a result of dwindling demand for their sole product, the COVID-19 vaccine. They are also anticipating this drop in demand to accelerate, with projected revenue of 5 billion euros (equivalent to $5.4 billion) from the vaccine in 2023. This represents a substantial drop from the 2022 revenue of 17.3 billion euros (over $18 billion).
Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech, wrote in the earnings report that the company had made “significant progress” in a number of key objectives.Read More
BioNTech Shares Fall as COVID-19 Vaccine Demand Declines
