FRANKFURT (Reuters) -Germany's BioNTech, Pfizer's partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand. Second-quarter revenue dropped to 167.7 million euros ($184 million) from 3.2 billion euros a year earlier, as write-offs on Pfizer's assets ate into profit share payments that BioNTech is entitled to receive from its U.S. partner. "With some uncertainty on the revenue line, we are also carefully watching our spending by revisiting our cost base," said finance chief Jens Holstein, adding that BioNTech's ambition to become a multi-product oncology and infectious disease company was unchanged.
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By Cecilia Butini BioNTech on Monday posted a loss for the second quarter as some write-offs by its vaccine partner Pfizer lowered its gross profit share and revenue, but said it continues to.
FRANKFURT: Germany's BioNTech, Pfizer's partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand. Second-quarter revenue dropped to €167.7 million (US$184 million) from €3.2 billion a year earlier, as write-off