BioN­Tech ex­pects up to $950M in Covid vac­cine write-offs af­ter Pfiz­er low­ers ex­pec­ta­tions

Pfiz­er’s write-offs for its Covid-19 vac­cine are hav­ing a rip­ple ef­fect on part­ner BioN­Tech, which is ex­pect­ing to write off up to €900 mil­lion ($950 mil­lion) re­lat­ed to the shot, Comir­naty.

BioN­Tech’s Mon­day up­date fol­lows Pfiz­er’s late Fri­day an­nounce­ment that it is launch­ing a $3.5 bil­lion com­pa­ny-wide cost-cut­ting pro­gram and writ­ing off some of its in­ven­to­ry be­cause of “low­er-than-ex­pect­ed uti­liza­tion” of its Covid prod­ucts, in­clud­ing both Comir­naty and the an­tivi­ral Paxlovid.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER