By Helena Smolak

BioNTech warned that full-year revenue from Covid-19 vaccines would be weaker than previously expected and reduced its spending plans.

The German biotechnology company said Monday that it now estimates Covid-19 vaccine revenue for 2023 to be around 4 billion euros ($4.29 billion), down from its previous expectation of around EUR5 billion.

Delays in the expected timing of regulatory approvals, as well as the effect of write-downs recently disclosed by collaboration partner Pfizer, led the two companies to lower their revenue expectations, BioNTech said.

BioNTech said it now plans to invest between EUR1.80 billion and EUR2.00 billion in research and development, down from its previous target of EUR2.40 billion to EUR2.60 billion. The company also cut its guidance for capital expenditure and for selling, general and administrative expenses.

For the third quarter, the company made a net profit of EUR160.6 million compared with EUR1.78 billion in the same period last year.

BioNTech generated revenue of EUR895.3 million, down from EUR3.46 billion. Pfizer's inventory write-downs reduced revenue by EUR507.9 million, it said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

November 06, 2023 07:02 ET (12:02 GMT)

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