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.
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