BERLIN (Reuters) – Germany’s BioNTech on Monday mentioned it will seemingly take write-downs of as much as 900 million euros ($947 million) within the third quarter after its associate Pfizer reported related prices on their COVID-19 vaccine enterprise final week.
Pfizer on Friday mentioned it should take $900 million of stock write-offs and different prices for the collectively developed vaccine, branded as Comirnaty, on high of a lot bigger write-offs on Pfizer’s personal COVID remedy Paxlovid.
BioNTech will seemingly “acknowledge the impact of Pfizer’s stock write-offs and different prices associated to Comirnaty within the third quarter of 2023 as much as 0.9 billion euros, which represents BioNTech’s half of the gross profit-sharing settlement with Pfizer”, it mentioned in a press release.
BioNTech, which is entitled to obtain vaccine-related revenue share funds from its U.S. associate, mentioned the write-offs would additionally cut back its 2023 revenues.
A BioNTech spokesperson on Monday declined to touch upon the corporate’s present outlook, which is for COVID-19 vaccine revenues of about 5 billion euros in 2023.
The corporate is scheduled to launch detailed third-quarter figures on Nov. 6.
($1 = 0.9498 euros)
(Reporting by Ludwig Burger and Rachel Extra, Modifying by Miranda Murray)
