BioNTech Looks to Expand into Other Markets as COVID-19 Revenues Dwindle
BIOMARKER
1. BioNTech is looking to diversify its business and prioritize cancer and other infectious diseases as COVID-19 vaccine revenues decline.
2. The company's pivot comes after the WHO declared COVID-19 is no longer a public health emergency of international concern.
3. BioNTech's Q1 2023 revenues were around $1.4 billion, significantly lower than the $7.03 billion in Q1 2022.
4. The company's net profits in Q1 2023 were $554 million, down from around $4 billion in the same period last year.
5. BioNTech's COVID-19 sales were nearly $19 billion in 2022, but are expected to be only around $5.5 billion for the entire fiscal year of 2023.
6. The company is focusing on launching multiple potentially registrational trials in 2023 and becoming a multi-product global biotechnology leader.
7. BioNTech has multiple vaccine candidates in development for various cancers, including autogene cevumeran for colorectal cancer, pancreatic ductal adenocarcinoma, and melanoma.
8. The company signed a $200 million deal with OncoC4 to acquire the anti-CTLA-4 antibody ONC-392 and expand its cancer pipeline.
9. BioNTech and Pfizer have expanded their partnership to develop a vaccine for shingles, with trials expected to start later this year.
10. BioNTech's vaccine candidates for tuberculosis (BNT164) and flu (BNT161) are in Phase I and Phase III development, respectively.