BioNTech Q2 Results Down, Backs FY22 Vaccine Revenue View; Stock Down
Shares of BioNTech SE were losing around 4 percent in the morning trading in Germany and around 5 percent in the pre-market activity on Nasdaq after the German Covid-19 vaccine maker reported sharp drop in profit and revenues for the second quarter. However, the company recorded strong growth in first-half results. Further, the biotechnology firm maintained BioNTech COVID-19 vaccine revenue guidance for fiscal 2022.
Jens Holstein, CFO of BioNTech, said, “With our strong performance year to date, we believe to be well on track to achieve our previous financial guidance for the ongoing financial year. With our initiatives around variant-adapted COVID-19 vaccine candidates, we expect an uptake in demand in our key markets in the fourth quarter of 2022, subject to regulatory approval.”
For the year 2022, the company continues to expect COVID-19 vaccine revenue guidance of 13 billion euros to 17 billion euros.
According to the company, the revenue fluctuation caused by the re-phasing of orders is expected to remain over the rest of the financial year. The company sees an uptake in demand in key markets in the fourth quarter of 2022 related to the Omicron-adapted bivalent vaccine, subject to regulatory approval.
Holstein added that the company will continue to invest heavily in research and development in 2022 and beyond.
BioNTech is preparing for potential launch of two variant-adapted bivalent COVID-19 vaccines containing the original strain and Omicron BA.1 or BA.4/5 spike protein as recommended by U.S. Food and Drug Administration, European Medicines Agency and other regulators. BioNTech expects to be able to begin delivering Omicron-adapted vaccines as early as October 2022, subject to regulatory approval.
For the second quarter, net profit declined to 1.67 billion euros from last year’s 2.79 billion euros. Earnings per share were 6.45 euros or $6.872, down from $10.77 euros a year earlier.
Second-quarter revenues of 3.2 billion plunged from prior year’s 5.31 billion euros.
However, for the first half, net profit grew to 5.37 billion euros or 20.69 euros per share from 3.92 billion euros or 15.14 euros per share last year. Total revenues climbed to 9.57 billion euros from 7.36 billion euros a year ago.
As of the beginning of July 2022, BioNTech and Pfizer have delivered in total more than 3.6 billion doses to 180 countries or territories.
In Germany, BioNTech shares were trading at 170.85 euros, down 4.3 percent. In pre-market activity on Nasdaq, the shares were down 5 percent at $173.99.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Source: Read Full Article