Five years after their celebrated collaboration on a COVID-19 vaccine, Pfizer has initiated a significant divestment, selling off more than half of its stake in BioNTech. This move by the U.S. pharmaceutical giant raises fundamental questions about the future of their partnership. Has Pfizer lost confidence in the Mainz-based company, or is this a logical step for two corporations navigating their post-pandemic strategies?
Investor Concerns Following Overnight Share Sale
The official announcement came on November 13, 2025: Pfizer disposed of 54.7% of its BioNTech holding through an overnight block trade. The shares were sold at prices ranging between $108 and $111.70, representing a potential transaction volume reaching $508 million. Following this substantial reduction, Pfizer retains a diminished position of just 1.66 million American Depositary Shares, valued at approximately $163.5 million.
This transaction effectively scales back a partnership that began in 2018 with mRNA-based influenza vaccines and peaked during the coronavirus pandemic. While both companies emphasize their continued collaboration on COVID vaccines, the symbolic impact of this substantial divestment is significant.
Strategic Reorientation: Pfizer’s New Focus
The divestment aligns with Pfizer’s broader strategic objectives. CEO Albert Bourla aims to generate an additional $20 billion in revenue by 2030 to counter impending patent expirations on key pharmaceutical products. The company’s recent $10 billion acquisition of Metsera underscores this strategic pivot—away from mRNA technology and toward the rapidly expanding obesity medication market.
For BioNTech, this means its former blockbuster partner, with whom it achieved $37.8 billion in annual revenue from Comirnaty at the 2022 peak, is now prioritizing different therapeutic areas. While COVID boosters generate diminishing investor interest, cancer therapies and weight-loss medications are capturing market attention.
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BioNTech’s Oncology Focus and Financial Standing
BioNTech is returning to its foundational mission: combating cancer using mRNA technology. A recently finalized agreement with Bristol Myers Squibb, valued at up to $11.1 billion for the bispecific antibody BNT327, establishes a crucial foundation for this transition. This drug candidate targets PD-L1 and VEGF-A in various solid tumors and has already entered global Phase 3 trials.
During its R&D Day presentation in New York on November 11, company management outlined its transformation from a vaccine manufacturer to a comprehensive cancer immunotherapy developer. Their development pipeline now includes mRNA cancer vaccines, antibody-drug conjugates, and CAR-T cell therapies.
Financially, BioNTech maintains a robust position despite reporting a net loss of €28.7 million for the third quarter of 2025. The company has substantially raised its full-year revenue guidance to between €2.6 billion and €2.8 billion, largely driven by a $1.5 billion upfront payment from Bristol Myers Squibb. With cash reserves of €16.7 billion, the company possesses substantial resources to fund its oncology initiatives.
Market Performance and Future Challenges
BioNTech shares have declined more than 21% since the beginning of the year, while elevated research and development expenditures continue to pressure profit margins. Although some analysts see considerable upside potential with a price target of $134, the company faces a critical challenge: demonstrating it can replace billion-dollar COVID revenue with sustainable income from cancer treatments. The next significant milestone arrives on March 10, 2026, with the publication of full-year 2025 financial results.
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