Like so many other drugmakers, BioNTech saw its total revenues drop significantly due to the waning demand for COVID-19 vaccines and treatments.

The German biotech reported €167.7 million in total revenues for the quarter, down from €3.2 billion this time last year.

BioNTech posted a net loss of €190.4 million one year after recording a €1.6 billion net profit. The company’s earnings per share were a loss of €0.79 whereas in Q2 2022 it was an EPS of €6.45.

For the first half of the year, the topline financial metrics represent a sharp decline. Total revenues were €1.4 billion, net profit was only €311.8 million and EPS was €1.28.

Still, BioNTech reiterated its full-year COVID-19 vaccine revenue guidance of about €5 billion and said it is preparing to launch its updated Omicron-specific monovalent COVID-19 vaccines for a September rollout, pending regulatory approval.

BioNTech also recently initiated its Phase 3 trial for its CTLA4 monoclonal antibody candidate BNT316/ONC-392 for treating a range of solid tumor indications, including non-small cell lung cancer.

“We are progressing our oncology pipeline into late-stage development, having launched a pivotal Phase 3 trial and preparing for additional trials with registrational potential in the coming months,” BioNTech CEO Ugur Sahin, MD said in a statement. “Simultaneously, we are enhancing our infectious disease pipeline to address global health needs and are developing an Omicron XBB.1.5-adapted monovalent COVID-19 vaccine to become available for the upcoming fall-winter season, subject to regulatory approvals.”

In addition to the topline numbers, BioNTech said its cost of sales were €162.9 million in Q2 2023, down from €764.6 million in Q2 2022. 

BioNTech also invested approximately €450 million in cash flows and share consideration related to its $440 million acquisition of InstaDeep in January.

As BioNTech seeks to blaze its own path in the months after the end of the emergency phase of the COVID-19 pandemic, it will have cameras following it.

National Geographic announced in June that it is following Şahin and fellow BioNTech co-founder Özlem Türeci as part of a documentary with the working title The Cancer Vaccine.

The project will be produced by Oxford Films and directed by BAFTA-winning filmmaker Patrick Forbes.