BioNTech on Monday reported nearly $885 million in losses in the second quarter of 2024, compared to $208.5 million during the same period last year.
BioNTech released its second-quarter 2024 financial results on Monday, revealing a large increase in its losses, driven primarily by the slowdown in COVID-19 sales and a more aggressive investment in R&D.
In Q2, BioNTech racked up nearly $885 million in losses—more than four times greater than the $208.5 million reported during the same period in 2023. The German biotech dipped almost $1.23 billion in the red during the first six months of this year, whereas it recorded a positive revenue of $311.8 in the first half of 2023.
BioNTech attributed its steep losses to the lower sales of its COVID-19 vaccine worldwide, “resulting from the continued shift in demand from a pandemic to a seasonal endemic COVID-19 vaccine market.”
Increased investments in R&D—particularly as BioNTech continues its shift back to cancer—also contributed to its overall negative balance sheet. In Q2, the company pumped around $640 million into research activities, up from $409 million during the same period last year.
In its Q1 2023 business report, BioNTech unveiled plans to diversify its pipeline as a strategy to survive in a post-pandemic world. At the time, the company was flush with cash from the sales of its COVID-19 products, reporting nearly $19 billion in earnings in 2022. Among its principal target markets is oncology.
However, BioNTech currently only has two Phase III cancer candidates: the OncoC4-partnered gotistobart, which is in Phase III for non-small cell lung cancer, and the DualityBio-partnered DB-1303, an antibody-drug conjugate (ADC) designed to inhibit topoisomerase-I, which the companies are studying in HR-positive, HER2-low metastatic breast cancer.
BioNTech announced Monday said it is ending work with Genmab on acasunlimab, a co-developed PD-L1x4-1BB bispecific antibody designed to produce an anti-tumor response by activating a receptor called 4-1BB on T cells and natural killer cells.
“While the emerging clinical profile of BNT311/GEN1046 (acasunlimab) is encouraging, for reasons relating to portfolio strategy, BioNTech opted not to participate in the further development of the program, including a planned Phase III trial,” the company said, adding that it will continue its collaboration with Genmab under the existing agreements which was expanded in 2022.
The company has gone on a deal-making spree with other oncology players in a bid to beef up its pipeline. In October 2023, BioNTech entered into a potential $1 billion deal with China-based MediLink for the exclusive rights to develop, manufacture and market two investigational anti-HER3 ADCs.
In November 2023, BioNTech partnered with Biotheus for an anti-PD-L1 and anti-VEGF bispecific antibody, being trialed for solid tumor indications. The deal involved a $55 million upfront payment from BioNTech and a pledge of up to $1 billion in milestones.
BioNTech continued its deal-making spree in 2024, paying $20 million to gain access to WuXi Biologics’ proprietary antibody discovery platform to develop therapies for two undisclosed targets. The agreement also includes future milestone payments and tiered royalties.
Meanwhile, BioNTech is also working on expanding its infectious diseases portfolio beyond COVID-19, with continued investments in influenza, including one investigational mRNA shot for the seasonal virus and another in combination with COVID-19.
Despite suffering several consecutive quarters of sharply declining revenues, company management on Monday were optimistic about BioNTech’s prospects.
“Supported by our strong financial position, we will continue to focus on our long-term growth strategy throughout the remainder of the year,” CFO Jens Holstein said in a statement, specifically pointing out its pipeline of individualized therapies and other capabilities “to support additional late-stage trials.”
“These investments build the foundation for the next stage of growth and the transformation of BioNTech into a multi-product company,” Holstein said.
