Pfizer Scales Back Major Stake in BioNTech

In a significant portfolio adjustment, pharmaceutical giant Pfizer has substantially reduced its investment in its German vaccine partner, BioNTech. The move involved the sale of a massive block of shares, cutting Pfizer's stake by more than half and sending a clear signal about its evolving investment strategy.

The transaction was executed as a block trade, with Pfizer placing approximately 4.55 million American Depositary Receipts (ADRs) of BioNTech onto the market. These shares were sold within a price range of $108 to $111.70 per ADR. This divestment slashes Pfizer's holding by a notable 54.7%, leaving the company with a remaining stake of about 1.66 million ADRs. While not a complete exit, the scale of the sale indicates a decisive strategic pullback.

Timing Follows Quarterly Results

The decision to sell comes at a pivotal moment for BioNTech. The company recently disclosed its financial performance for the third quarter of 2025, reporting revenue of 1.52 billion euros. Despite this substantial revenue figure, the bottom line showed a net loss of 0.12 euros per share. This result underscores the ongoing challenges in the post-pandemic market, where demand for COVID-19 vaccines continues to decline from its previous peak. Against this backdrop, Pfizer's divestment appears to be a strategic reallocation of capital away from its former pandemic-era success story.

Should investors sell immediately? Or is it worth buying BioNTech?

Shifting Investor Landscape

While Pfizer scales back its position, other institutional investors are demonstrating renewed interest in BioNTech. Recent regulatory filings reveal that Allianz has significantly increased its stake in the company. Concurrently, Fox Run Management has established a new position, acquiring approximately 2,844 shares. This activity points to a dynamic and evolving shareholder base, with major market participants repositioning themselves. Some appear to be betting on a potential recovery, while others are capitalizing on the opportunity to realize gains or manage exposure.

The collective action of these investors highlights a market in search of a new equilibrium for BioNTech's shares, which have faced considerable pressure. The changing ownership structure will be a key area for market observers to watch in the coming months.