Pfizer Cuts BioNTech Stake by More Than Half

Pfizer Inc. (PFE, Financials) has reduced its ownership in German partner BioNTech SE by 54.7%, according to a regulatory filing released Thursday. The transaction leaves Pfizer with about 1.66 million American Depositary Shares valued at $163.5 million as of Sept. 30.

The two businesses worked together for the first time in 2018 to make mRNA-based flu vaccines. Later, they made the world's first authorized mRNA vaccine for COVID-19, which they called Comirnaty. The vaccine made $37.8 billion in sales in 2022, which was its best year.

Pfizer's choice to cut its investment is a strategic change that will help the company make more money from research and make up for lost pandemic-related sales. Under CEO Albert Bourla, the company wants to make an extra $20 billion in revenues per year by 2030. This is because some of its best-selling pharmaceuticals are about to lose their patents.