Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

BioNTech SE drops on lower-than-expected COVID-19 vaccine sales forecast for 2023

Published 03/27/2023, 07:52 PM
© Reuters.
BNTX
-

By Senad Karaahmetovic

BioNTech (NASDAQ:BNTX) reported better-than-expected results for its first quarter although its guidance for COVID-19 vaccine sales came in significantly lower than the average analyst estimate.

BNTX reported earnings per share of €9.26 on revenue of €4.28 billion, topping the consensus for EPS of €7.63 on revenue of €3.9B. Commercial revenue fell 23% year-over-year on falling COVID-19 vaccine sales. As a result, operating income fell 30% YoY to €3.29B.

"We made significant progress in 2022 by advancing our pipeline and launching the world's first Omicron BA.4/BA.5 adapted bivalent COVID-19 vaccine. In addition, multiple new modalities achieved encouraging clinical data and we progressed nine new programs into clinical trials," said Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech.

For FY23, the company now expects to generate €5B from COVID-19 vaccine sales while analysts were looking for as much as €8.95B.

"As we look to 2023 and beyond, we plan to continue investing in our transformation with a focus on building commercial capabilities in oncology and working towards registrational trials. Our mid-term goal is to seek approval for multiple oncology products in cancer indications with high unmet medical need."

BioNTech shares trade over 4% lower in pre-market Monday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.