BIONTECH on Tuesday (Jan 9) said it would return to revenue growth in 2025, forecasting that the ongoing decline in its Covid-19 vaccine business would bottom out and that it would also invest to scale up its oncology business.

The German biotech firm, which works with Pfizer on Covid shots, predicted total revenues of about three billion euros (S$4.4 billion) for 2024, down from revenues of about four billion to five billion euros it had targeted for 2023.

“BioNTech expects to grow its topline again in 2025,” it said in a statement.

Citing at least 10 late-stage cancer drug studies targeted by the end of 2024, BioNTech said it mapped out plans to launch its first oncology drugs from 2026 onwards.

“We continued our vaccine leadership in the fight against Covid-19 and significantly expanded our mid- and late-stage oncology pipeline,” said Ugur Sahin, BioNTech’s CEO and co-founder.

Thanks to about 17.5 billion euros in cash, cash equivalents and security investments at the end of 2023 and amid higher interest rates, it said it would generate “significant interest income” in 2024.

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The company, which developed the Western world’s most widely used Covid-19 shot with Pfizer, said it would retain a strong financial position.

BioNTech is scheduled to provide detailed full-year 2024 guidance alongside its 2023 financial results on Mar 20. REUTERS