FRANKFURT: Germany's BioNTech, Pfizer's partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand. Second-quarter revenue dropped to €167.7 million (US$184 million) from €3.2 billion a year earlier, as write-off
FRANKFURT: Germany's BioNTech, Pfizer's partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand.
The quarterly net loss was €190 million, down from a COVID-19-fuelled profit of €1.67 billion a year earlier. The company said it cut its projected research and development budget for this year to between €2 and €2.2 billion, down from between €2.4 and €2.6 billion previously forecast.In a bid to broaden its work on cancer treatments and vaccines against infections such as tuberculosis and shingles, the company has hired scientists, initiated more expensive late-stage trials and pursued a string of alliance deals.
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