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Savoring Success with Taste Nova Scotia Culinary Ambassador Amy Savoury | SaltWireFRANKFURT - BioNTech has cut its 2023 revenue target by about 1 billion euros on lower demand for the COVID-19 vaccine made with Pfizer but said the impact from write-downs at its U.S. partner was less then initially thought.
BioNTech, which relies on vaccine-related profit share payments from its U.S. partner for much of its revenues, said that write-downs reported by Pfizer in mid-October would reduce its third-quarter revenues by 508 million euros, compared with up to about 900 million initially flagged. Looking beyond the coronavirus business, the company has renewed its focus on a growing development pipeline in oncology, which includes use of the mRNA technology pioneered in the vaccine as well as precision anti-cancer drugs from a class known as antibody-drug conjugates and therapies based on modified immune cells.
That would still mark an expansion from the 2022 budget of 1.54 billion. During the third-quarter alone, the number of ongoing clinical trials in the second and third stages of testing increased by three to 11, it added.
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