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BioNTech says 90% of 2024 revenues will accrue at end of year

Research laboratory of BioNTech in Mainz

By Ludwig Burger

FRANKFURT (Reuters) -Germany's BioNTech, whose COVID-19 vaccine in partnership with Pfizer was widely used during the pandemic, said on Monday that almost all of its expected 2024 revenues would come in at the end of the year.

BioNTech, which is investing money earned during the pandemic in cancer drug development, said in a statement that it is still targeting 2024 revenues in a range of 2.5 billion euros ($2.69 billion) to 3.1 billion euros.

"BioNTech expects to recognize approximately 90% of its full year revenues in the last months of 2024," the company added.

First quarter revenues plunged to 188 million euros from 1.28 billion a year earlier. The biotech firm posted a quarterly net loss of 315 million euros, compared with a profit of 502 million a year earlier.

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Partner Pfizer said last week it still expects $8 billion in combined 2024 sales of its COVID-19 products, $5 billion of which from the Comirnaty-branded COVID-19 vaccine.

($1 = 0.9287 euros)

(Reporting by Ludwig Burger, Editing by Rachel More)