BioNTech Slashes 1,860 Jobs and Seeks €129M Capital as It Pivots from COVID to Cancer

BioNTech slashes 1,860 jobs, closes plants in three countries and Singapore, as it transforms into an oncology firm. Revenue drops 35% but cash reserves of €17B fuel pivot.

BioNTech is undertaking the most dramatic restructuring in its corporate history, shedding roughly a fifth of its workforce and shuttering production sites in three countries as it transforms from a pandemic-era vaccine champion into a dedicated oncology powerhouse. The Mainz-based biotech will close plants in Idar-Oberstein, Marburg and Tübingen by the end of 2027, and its Singapore facility by early 2027. Around 1,860 positions — some 22% of total staff — are being eliminated, with annual savings of nearly €500 million expected once the overhaul is complete.

Shareholders gathered virtually on Tuesday for an annual general meeting that will set the corporate governance framework for the new direction. Management is asking for approval to issue up to €129.5 million in new authorized capital — equivalent to 50% of current equity — through 2030. The board is also set to expand from six to eight seats, adding two specialists in oncology and clinical development to oversee the accelerating pivot toward cancer drugs.

The pivot comes at a steep financial cost. First-quarter revenue tumbled 35% year-on-year to €118 million, while the net loss ballooned to €532 million as research spending surged to €557 million. The collapse in COVID vaccine sales — BioNTech is handing all commercial manufacturing to partner Pfizer by the end of 2026 — has left the company deeply reliant on its pipeline. On the positive side, cash reserves stand at roughly €17 billion, giving management ample runway to fund the transition.

Two oncology candidates are carrying the bulk of investor hopes. Pumitamig has entered five new registration trials in breast and lung cancer, with first approval filings planned for this year. Gotistobart, meanwhile, showed a more than 50% reduction in mortality risk in its Phase 3 PRESERVE-003 study among certain lung cancer patients. Six more late-stage trial readouts are expected in 2026, which management has called a “key year” for the company.

The bear case is easy to see: revenue guidance of €2.0–€2.3 billion for the full year looks ambitious after a weak first quarter, and the shares are trading at €78.70 — some 23% below the 52-week high of €101.90. Yet analysts remain unanimous. All 13 covering the stock rate it a buy, and Berenberg recently trimmed its price target to $140 from $155 but still calls BioNTech “significantly” undervalued. Since the start of the year, the stock has slipped about 5%, a sign that the market is waiting for proof that the costly restructuring will deliver blockbuster cancer therapies rather than empty promises.