Moderna has recently won in several patent disputes against Pfizer and BioNTech for their COVID-19 vaccine. However, Pfizer and BioNTech face another legal hurdle as they are now sued by GlaxoSmithKline over the technology used in the vaccine. Amid these complexities, BioNTech has announced its plans to significantly increase spending, focusing on launching 10 pivotal cancer studies in 2024, with plans for its commercial debut in oncology set for 2026. This decision comes after a plunge in earnings, with the company opting to pin its hope on cancer drug launches rather than the COVID-19 vaccine. The company predicts a return to revenue growth in 2025 even though they've slashed their 2023 revenue projection. In addition to the cancer research, BioNTech is also making strides in manufacturing mRNA vaccines. The biotechnology company is planning to commence mRNA vaccine production in Rwanda by 2025 and has also inked a $250M deal with Autolus to advance CAR-T Assets. Despite these developments, BioNTech’s stock has sunk after an earnings miss caused by inventory writedowns, and the company has reduced its drug development spending.
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