Shares of BioNTech, the German company that developed a Covid-19 vaccine with
Pfizer,
were falling in early trading Monday after second-quarter revenue missed expectations.
Revenue declined to €168 million ($184 million), lower than the €692 million projected by analysts on FactSet and well below the €3.2 billion in sales from a year earlier. The company said that write-offs by Pfizer “significantly reduced” profit share and hence earnings.
American depositary receipts of
BioNTech
(ticker: BNTX) were down 5% at $101.18 in premarket trading. Over the past year, they have dropped more than 40%.
The company reported a loss of €0.79 a share in for the quarter, narrower than estimates of €0.92.
“We enter the second half of 2023 with a strong financial position, on track to launch our new variant-adapted Covid-19 vaccine,” said Jens Holstein, chief financial officer. “The Covid-19 vaccine market remains highly dynamic and difficult to fully predict.”
Write to Brian Swint at [email protected]
Read the full article here
