BioNTech
‘s first-quarter sales fell from a year earlier as demand for Covid-19 vaccines waned, but the company reported earnings and revenue that beat Wall Street’s expectations.
BioNTech
(ticker: BNTX) reported first-quarter earnings of €2.05 ($2.26) a share from revenue of €1.28 billion. Analysts surveyed by FactSet were expecting earnings of 27 euro cents a share from revenue of €1.06 billion.
“In the first quarter of 2023, our financial performance has been fully in line with our expectations and we executed according to our capital allocation priorities by growing and advancing our clinical-stage pipeline, announcing multiple significant business development transactions and continuing to pursue our share repurchase program,” Chief Financial Officer Jens Holstein said in a press release.
The results released Monday were a significant decline from last year. In the first quarter of 2022, the biotech company reported earnings of €14.24 a share from revenue of €6.37 billion.
BioNTech
said that the decline in revenue in the latest quarter was mostly due to lower sales for its Covid-19 vaccine worldwide. On Friday, the World Health Organization declared that Covid-19 no longer constitutes a public health emergency.
BioNTech said in the earnings release that “while a vaccine adaptation is expected to lead to increased demand, fewer primary vaccinations and lowered population-wide levels of boosting are anticipated.” The company reiterateda forecast that revenue from its Covid-19 vaccine will be approximately €5 billion in 2023.
BioNTech’s American depositary receipts were up 0.8% to $109.32. The stock has fallen 27% this year.
Write to Angela Palumbo at [email protected]
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