Shares of BioNTech, the German company that collaborated with Pfizer to develop a Covid-19 vaccine, experienced a decline in early trading on Monday due to lower-than-expected second-quarter revenue.
During the quarter, the company reported revenue of €168 million ($184 million), falling significantly short of the €692 million projected by analysts on FactSet and a substantial decrease from the €3.2 billion in sales from the same period last year. BioNTech attributed this decline to write-offs by Pfizer, which had a significant impact on the profit share and consequently affected earnings.
In premarket trading, American depositary receipts of BioNTech (ticker: BNTX) dropped by 5% to $101.18. Over the past year, the company's shares have fallen by more than 40%.
Although BioNTech reported a loss of €0.79 per share for the quarter, it was narrower than the estimated €0.92 per share.
Jens Holstein, the chief financial officer, stated, "We enter the second half of 2023 with a strong financial position, on track to launch our new variant-adapted Covid-19 vaccine. The Covid-19 vaccine market remains highly dynamic and difficult to fully predict."
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