ISTANBUL

German biotech firm BioNTech reported a loss of €665.3 million ($721 million) in 2024, as demand for its COVID-19 vaccines fell, according to the company's financial results report on Monday.

The company, which posted a €930.3 million profit in 2023, failed to make a profit in a fiscal year for the first time since 2019.

BioNTech's revenues decreased by 27% last year compared to the previous year to €2.75 billion.

"The decrease in revenues was primarily driven by lower sales of the company’s COVID-19 vaccines due to reduced market demand," it said.

"In addition, write-downs by BioNTech’s collaboration partner Pfizer Inc. (Pfizer) significantly reduced the company’s gross profit share, which negatively influenced its revenues," it added.

The company's net profit per share, which was €3.83 in 2023, turned into a loss of €2.77 in 2024.

The German company is targeting revenue of between €1.7 and €2.2 billion this year.

On the other hand, despite the high losses and decline in sales, BioNTech has sufficient resources to invest in the development of new drugs against cancer.

BioNTech has a total of €17.4 billion in cash and securities at the end of 2024, according to the financial report.

“We expect 2025 to be a data-rich year with multiple important updates from our priority programs, which we believe have disruptive potential and could improve the standard of care if successfully developed and approved,” said Prof. Ugur Sahin, CEO of BioNTech.

The company earned more than €20 billion from the sales of the COVID-19 vaccine developed with its US partner Pfizer.