BioNTech has reported a sharp decline in second-quarter revenue and swung to a loss as demand for COVID-19 vaccines fell, sending its shares sharply lower Monday on the Nasdaq.
The German company, which developed a vaccine with Pfizer, reported revenue of €168 million for the period to June 30, 2023, from €3.2 billion a year earlier. It swung to a net loss of €190 million, from a profit of €1.67 billion, resulting in a loss per share of €0.79 from earnings of €6.45 previously.
In a statement, BioNTech said it entered the second half of 2023 with a strong financial position, on track to launch its new variant-adapted COVID-19 vaccine and to conduct multiple clinical trials with registrational potential across its oncology and infectious disease pipeline.
“The COVID-19 vaccine market remains highly dynamic and difficult to fully predict. Along with our partner Pfizer, the company continues to focus on supporting successful vaccinations during the autumn respiratory infection season,” chief financial officer Jens Holstein commented.
“It is our goal to become a multi-product company by investing in our own clinical programs and by complementing them with additional compounds from our partners. With some uncertainty on the revenue line, we are also carefully watching our spending by revisiting our cost base while remaining focused on executing against our strategic goals and providing value to the public and our shareholders.”
CEO and co-founder professor Ugur Sahin noted that the company is progressing its oncology pipeline into late-stage development, having launched a pivotal Phase 3 trial and preparing for additional trials with registrational potential in the coming months.
“Simultaneously, we are enhancing our infectious disease pipeline to address global health needs and are developing an Omicron XBB.1.5-adapted monovalent COVID-19 vaccine to become available for the upcoming fall-winter season, subject to regulatory approvals,” Sahin added.
The company’s shares were nearly 10% down at $95.87 just before noon.
Contact the author at stephen.gunnion@proactiveinvestors.com