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Reading: BioNTech will likely take 900 million eur write-off on Pfizer-partnered vaccines
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24x7Report > Blog > Finance > BioNTech will likely take 900 million eur write-off on Pfizer-partnered vaccines
Finance

BioNTech will likely take 900 million eur write-off on Pfizer-partnered vaccines

Last updated: 2023/10/16 at 8:24 AM
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BioNTech will likely take 900 million eur write-off on Pfizer-partnered vaccines
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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)

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TAGGED: BioNTech, eur, Million, Pfizerpartnered, vaccines, writeoff

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