BioNTech reported a net loss of 315.1 million euros in the first quarter of 2024
BioNTech announced a net loss of 315.1 million Euros in the first quarter of 2024. Details about the company’s financial situation and performance are here!
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German-based biotechnology company BioNTech is known for its vaccine developed during the fight against the coronavirus pandemic. However, in the first quarter of 2024, the company reported a net loss of 315.1 million euros. The reason cited for the firm’s net loss, compared to a profit of 502 million euros in the same period last year, is the decreased global interest in the Covid-19 vaccine. The total revenue generated by the company in the first three months of the year was 187.6 million euros.
Financial Situation and Income Chart
It is stated that BioNTech reported a net profit of 2.05 euros per share in the first quarter of 2023. However, a loss of 1.31 euros per share was recorded in the first quarter of this year. The financial report also mentions a decrease in sales expenses along with the decline in sales of the Covid-19 vaccine, but an increase in R&D expenses.
Future Goals and Vision
Uğur Şahin, co-founder and CEO of BioNTech, stated the following about the company’s future goals: “We plan to develop a Covid-19 vaccine adapted to variants for the rest of the year and commercialize it. Additionally, we aim to accelerate our work in oncology to develop effective drugs for cancer and infectious diseases.”
Jens Holstein, the company’s Chief Financial Officer, stated that BioNTech has a strong cash position and continues its commitments in disease treatment using the mRNA platform. The company will continue its efforts to ensure sustainable growth by creating value for society and its shareholders.
2024 Expectations and Forecasts
Despite the loss reported in the first quarter, BioNTech forecasts its revenues to be between 2.5 and 3.1 billion euros in the 2024 fiscal year. The company will pursue a growth and innovation-focused strategy by accelerating its R&D activities and product development in the upcoming period.
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