BioNTech Expects Significant Write-Off on Pfizer-Partnered Vaccines

         

Summary: BioNTech anticipates write-downs of up to 900 million euros in the third quarter due to charges related to its partnership with Pfizer on COVID-19 vaccines. Pfizer had previously reported similar charges on their jointly developed vaccine, Comirnaty. The write-offs will impact BioNTech’s revenues for 2023 and represent its share of the profit-sharing agreement with Pfizer. Detailed third-quarter figures will be released on November 6.

BioNTech, a German pharmaceutical company, is expected to incur write-downs of up to 900 million euros ($947 million) in the third quarter. This is in response to Pfizer’s announcement last week that it will take $900 million in inventory write-offs and other charges for the jointly developed COVID-19 vaccine, Comirnaty. The charges will also impact Pfizer’s own COVID treatment, Paxlovid.

According to a statement by BioNTech, the company will recognize the effect of Pfizer’s charges related to Comirnaty and write down its share of the gross profit-sharing agreement. This represents BioNTech’s half of the agreement and amounts to 0.9 billion euros. The write-offs will not only impact BioNTech’s profitability but also reduce its revenues for 2023.

A BioNTech spokesperson declined to comment on the company’s current outlook, which projects COVID-19 vaccine revenues of approximately 5 billion euros for 2023. More detailed information on the company’s financial performance will be available when it releases its third-quarter figures on November 6.

Tags: BioNTech, Pfizer, COVID-19 vaccines, write-offs, profit-sharing agreement, revenues, inventory write-offs

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