BioNTech Shares Slide After Q2 Revenue, EPS Miss

This post was originally published on this site — Shares in BioNTech SE (ETR:22UAy) slumped on Monday after the German medicine maker posted less-than-expected second quarter revenues and earnings despite backing its full-year guidance.

The Mainz-based group reported sales of €3.2 billion during the period and fully diluted earnings per share of €6.45. Analysts had expected revenue to come in at €4.01 billion with an EPS of €7.21. Weighing on these results was an agreement with the European Commission to delay deliveries of BioNTech’s COVID-19 vaccine to September from June through August.

In May, Brussels said the move was designed to build up stocks of additional vaccines in time for campaigns to combat the spread of COVID-19 this autumn and winter.

“BioNTech believes the development of the pandemic remains dynamic, causing a re-phasing of orders and with this leading to fluctuations in quarterly revenues,” the company said in a statement. BioNTech added it expects this volatility to continue for the rest of the fiscal year.

But the group reiterated its full-year outlook, with revenues expected at between €13 billion and €17 billion in 2022, thanks in part to demand for COVID vaccines.

Meanwhile, BioNTech and its U.S. peer Pfizer (NYSE:PFE) announced that they are planning to begin clinical trials of a new COVID jab for the BA.4 and BA.5 variants of Omicron. The shot still requires regulatory approval, but is expected to be available for delivery “as soon as October”.