BERLIN, Aug. 5 (Xinhua) -- German pharmaceutical company BioNTech announced on Monday that it incurred a net loss of 1.12 billion euros (1.23 billion U.S. dollars) in the first half of this year, as the company shifts its focus toward cancer treatments following a decline in COVID-19 vaccine sales.
In the second quarter alone, the deficit amounted to 807.8 million euros, significantly higher than the 190.4 million euros loss recorded in the same quarter last year.
Despite the decrease in sales, BioNTech continued to invest heavily in research and development (R&D), with expenses reaching 584.6 million euros for the second quarter, up from 373.4 million euros during the same period last year.
Approximately 90 percent of these investments were dedicated to "non-COVID-19-related activities," focusing primarily on oncology and mRNA.
BioNTech aims to launch its first cancer immunotherapy treatment in 2026.
The company projects total revenues for 2024 to be between 2.5 billion euros and 3.1 billion euros. The majority of revenues are expected to occur in the fourth quarter. (1 euro = 1.1 U.S. dollars)
