Why BioNTech's COVID Vaccine Is Blocked From the World's Biggest Market
It's one of the most impressive rags-to-riches stories in the biopharmaceutical industry. Less than two years ago, BioNTech (NASDAQ: BNTX) had around $30 million in total annual revenue, all of which stemmed from collaborations. The German drugmaker was losing close to $200 million. And then came COVID-19.
BioNTech expects to rake in nearly $19 billion in sales this year from its COVID-19 vaccine. It posted a profit of around $4.6 billion in the first half of 2021. The company sits atop a growing cash stockpile that totaled nearly $1.1 billion as of June 30.
The messenger RNA (mRNA) vaccine developed by BioNTech has been shipped to more than 100 countries so far, including the U.S., Canada, and throughout Europe. But there's one key country missing from that list. Here's why BioNTech's COVID-19 vaccine is blocked from the world's biggest market.
Source Fool.com
