Six years ago, a nearly unknown German pharmaceutical company developed the first approved mRNA vaccine against COVID-19, changing the course of a global pandemic. BioNTech, which had spent over a decade working on mRNA-based cancer treatments with limited commercial success, partnered with Pfizer to launch the COVID vaccine Comirnaty in record time, propelling both the company and its founders to global fame.

Today, according to Deutsche Welle, the Mainz-based biotech company is facing a deep crisis. It plans to shut down production sites in Germany and Singapore and reduce costs following quarterly net losses of €532 million, while preparing for the departure of its visionary founders, Uğur Şahin and Özlem Türeci. In total, around 1,860 jobs are expected to be cut.

From boom to decline

Financial analysts say BioNTech’s problems stem from the predictable end of a temporary windfall created by the pandemic, which generated tens of billions of euros in revenue starting in late 2020.

Combined with the high-risk nature of biotech R&D and Germany’s current economic challenges—high labour and energy costs and bureaucracy—it has become clear how risky it is to rely on a single successful product.

The company expects lower COVID-19 vaccine revenues compared to 2025 due to declining demand in both European and US markets. Analysts note that BioNTech built excessive production capacity during the pandemic and is now left with idle facilities. As a result, it will transfer much of its COVID-related production to Pfizer.

The company also benefited from hundreds of millions of euros in German government support for cancer research and vaccine development.

Dispute with CureVac

BioNTech also became involved in controversy over its $1.25 billion acquisition of rival CureVac in December 2025. CureVac had developed its own COVID vaccine, which proved ineffective and was abandoned. However, it later sued BioNTech and Pfizer in 2022, alleging that the Comirnaty vaccine infringed several mRNA patents. By acquiring CureVac and its patents, BioNTech was able to end the legal dispute.

However, when BioNTech announced restructuring and factory closures, CureVac’s former plant in Tübingen was among those affected. The city’s mayor described the closure as a “heavy blow” to highly skilled workers, while unions and the local chamber of commerce warned of damage to Germany’s biotech ecosystem and loss of technological expertise.

A future without its visionaries

Şahin and Türeci, who announced in March that they will step down by the end of 2026 to start a new biotech company, were not only BioNTech’s founders but also its driving force.

BioNTech shares fell around 18% following the announcement, with analysts questioning whether the company can maintain its innovative edge without them.

The company is now shifting its focus to late-stage cancer therapies, including treatments for breast cancer, lung cancer, and other malignancies. Outgoing CEO Uğur Şahin said BioNTech will continue to focus on accelerating its core strategic programs, remaining committed to turning science into survival for cancer patients.