BioNTech Q2 results

BioNTech SE reported a significant increase in losses for Q2 2024, with a net loss of 807.8 million euros, or 3.36 euros per share, compared to a loss of 190.4 million euros in the same period last year. Revenue also fell by 23% to 128.7 million euros, reflecting a decline in COVID-19 vaccine sales as demand shifts to a seasonal endemic market. The company's finance chief indicated the current revenues align with this new demand landscape. BioNTech is pivoting towards developing cancer treatments, investing heavily in research and development unrelated to COVID-19, with plans for its first oncology product launch in 2026. Despite the losses, BioNTech maintains a strong financial position and has confirmed its revenue guidance for the year. The company will also continue its partnership with Pfizer to develop combined COVID-19 and flu vaccines, as competition in the vaccine market intensifies.