Germany’s BioNTech say it will halt operations at several sites, in a move affecting up to 1,860 jobs, as sales of its blockbuster Covid vaccine drop.
The biotech company plans to stop operating at three manufacturing sites in Germany by the end of 2027, saying, while a site in Singapore would cease work in the first quarter of next year.
BioNTech added that sites of former competitor CureVac which BioNTech acquired last year would also stop making vaccines.
The moves will save up to 500 million euros ($585 million) in costs annually by 2029, BioNTech said, adding that about 1,860 jobs would be affected.
Reporting earnings for the first quarter, BioNTech said sales had fallen 35 percent to 118.1 million euros, hit by lower sales of its Covid vaccines.
BioNTech’s loss widened to 531.9 million euros from 415.8 million euros for the same period last year.
BioNTech is best-known for the mRNA-based Comirnarty coronavirus vaccine developed with US pharmaceutical giant Pfizer, the first Covid vaccine to receive approval in the West and the first mRNA vaccine to receive approval for widespread use.
The company has in recent times made a pivot towards developing cancer treatments based on the gene technology.
In March BioNTech said married couple Ugur Sahin and Ozlem Tureci, who serve as CEO and chief medical officer, would step down at the end of their terms in 2026 to start a new business.
Leave a Reply