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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