Shares of BioNTech, the German company that partnered with Pfizer to develop a Covid-19 vaccine, saw a decline in early trading on Monday following weaker-than-expected second-quarter revenue.
Revenue Misses Estimates
BioNTech reported revenue of €168 million ($184 million), which fell significantly short of the projected €692 million by analysts on FactSet. This figure is also notably lower compared to the €3.2 billion in sales from the same period last year. The company attributed this decrease to write-offs by Pfizer, which had a significant impact on profit share and overall earnings.
Stock Performance
In premarket trading, BioNTech’s American depositary receipts (ticker: BNTX) experienced a decline of 2.4%, reaching $103.90. Over the past year, these shares have dropped more than 40%.
Narrower Losses than Estimates
Despite the revenue disappointment, BioNTech’s loss per share for the quarter was €0.79, which was narrower than the estimated €0.92.
Future Outlook
Jens Holstein, Chief Financial Officer of BioNTech, stated, “We enter the second half of 2023 with a strong financial position, on track to launch our new variant-adapted Covid-19 vaccine.” However, he acknowledged the highly dynamic and unpredictable nature of the Covid-19 vaccine market.
