BioNTech evaluates impact of Pfizer’s wirte-offs on financial resultsOctober 16, 2023
BioNTech’s collaboration parner Pfizer announced on Friday a non-cash charge for inventory write-offs and other charges related to COMIRNATY of $0.9 billion. The Company has been informed by Pfizer that the majority of the write-offs relate to raw materials, mainly formulation-related lipids, purchased during the pandemic, as well as COVID-19 vaccine doses adapted to other, non-XBB.1.5 variants produced at risk.
According to Pfizer, the write-offs do not address Pfizer-BioNTech COVID-19 Vaccine doses adapted to the XBB.1.5 variant, which has been approved and is being marketed in key geographies.
BioNTech said in a press release it is evaluating the potential impact of Pfizer’s write-offs and other charges related to COMIRNATY on its financial results. BioNTech expects to recognize the effect of Pfizer’s inventory write-offs and other charges related to COMIRNATY in the third quarter of 2023 up to €0.9 billion, which represents BioNTech’s half of the gross profit-sharing agreement with Pfizer. Any such write-offs will reduce the revenues BioNTech would report for 2023. BioNTech said it expects to release its financial report for the third quarter of 2023 on November 6, 2023.