Pfizer sold 54.7% of its stake in German biotech BioNTech SE, reducing its ownership to 1.66 million American Depositary Shares (ADS). The transaction, announced on November 13 2025, is valued at approximately $508 million and is the largest divestiture of the Pfizer‑BioNTech partnership to date.
The partnership, which began in 2020, co‑developed the Comirnaty COVID‑19 vaccine and generated billions of dollars in revenue during the pandemic. By selling the majority of its stake, Pfizer is reducing its exposure to the mRNA vaccine business and freeing capital that can be redirected toward its obesity and oncology pipelines.
Pfizer and BioNTech will continue to collaborate on vaccine formulations and other joint projects. The sale does not terminate the partnership; instead, it rebalances the relationship so that each company can focus on its core strengths while maintaining a working alliance on future vaccine development.
The stake sale is part of a broader strategic shift that also includes the completion of the Metsera acquisition on the same day. Metsera, valued at up to $10 billion, adds four clinical‑stage incretin and amylin programs to Pfizer’s obesity portfolio. CEO Albert Bourla has described the acquisition as a “deliberate investment in the future of medicine” and a key step in diversifying revenue streams as patent cliffs loom.
Financially, the divestiture adds $508 million to Pfizer’s cash position. In Q3 2025, the company reported revenue of $16.7 billion, a 6% decline YoY, largely driven by lower sales of Comirnaty and Paxlovid. Adjusted diluted earnings per share were $0.87, beating analyst expectations of $0.79 by $0.08—a result attributed to strict cost controls and strong performance of non‑COVID products such as Eliquis and Vyndaqel. Management raised its full‑year 2025 adjusted EPS guidance to $3.00‑$3.15, signaling confidence in its cost‑management program and pipeline investments.
Market reaction to the stake sale was muted. BioNTech’s ADRs fell 3.6% in pre‑market trading, while Pfizer’s shares dipped 0.5% pre‑market. Analysts noted that the sale signals a pivot away from the COVID‑19 franchise but also reduced a historically lucrative revenue stream. The overall market response reflected a balance between appreciation for strategic realignment and concern over the loss of a high‑margin partnership.
The divestiture underscores Pfizer’s intent to shift focus from the mRNA vaccine market, which is maturing and facing waning demand, toward high‑growth areas such as obesity and oncology. BioNTech, in turn, is refocusing on its core cancer‑treatment pipeline and other strategic partnerships, such as with Bristol‑Myers Squibb. The sale is expected to reshape future licensing arrangements and partnership dynamics, but both companies will continue to collaborate on vaccine development and other joint initiatives.
The transaction represents a significant milestone in Pfizer’s broader strategy to diversify its revenue base, manage patent cliffs, and invest in high‑growth therapeutic areas. By reducing its stake in BioNTech, Pfizer is positioning itself to allocate capital more efficiently while maintaining a collaborative relationship that can support future vaccine innovation.
The sale also highlights the evolving dynamics of the mRNA market, where competition is intensifying and demand for COVID‑19 boosters is declining. Pfizer’s move signals confidence in its ability to generate sustainable growth outside the pandemic‑era vaccine business.
The transaction is expected to have a lasting impact on both companies’ strategic trajectories, with Pfizer accelerating its obesity and oncology initiatives and BioNTech concentrating on its cancer portfolio and new partnership opportunities.
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