A German company, BioNTech, has been in the news for its significant financial losses. The company, which was once praised for its COVID-19 vaccine, has reported a loss of over half a billion euros. According to a recent report, BioNTech’s current situation is a result of the declining sales of its only product, the COVID-19 vaccine Comirnaty, which it developed in partnership with Pfizer.
In a recent press conference, the company’s co-founders, Özlem Türeci and Uğur Şahin, presented financial results that were described as “ernüchternd” (disappointing). The company’s revenue for 2024 is expected to be around 2.7 billion euros, a significant decline from the 20 billion euros it reported during the COVID-19 pandemic.
BioNTech’s financial struggles have been attributed to the decline in COVID-19 vaccine sales, as well as the company’s efforts to diversify its product portfolio. The company is focusing on developing new cancer treatments, with the goal of launching its first product in 2026.
BioNTech’s financial struggles have had a significant impact on the company’s stock price, with the company’s shares falling by as much as 4.5% in a single day. The company’s financial struggles have also led to a reduction in its workforce, with the company planning to cut around 1,000 full-time equivalent positions in Europe and North America by the end of 2027.
The company’s co-founders, Özlem Türeci and Uğur Şahin, have a significant net worth, with estimates suggesting it to be around 3.32 billion euros. However, the company’s financial struggles have raised questions about the fairness of the company’s compensation and the lack of accountability for its role in the COVID-19 pandemic.
In a recent court ruling, a 19-year-old woman who claimed to have suffered an adverse reaction to BioNTech’s vaccine had her lawsuit dismissed. The court ruled that the vaccine’s benefits outweigh its risks and that the company had properly labeled its product.