MAINZ, Germany - BioNTech SE (NASDAQ:BNTX) reported a wider-than-expected loss for the second quarter of 2024 as the company transitions from pandemic to endemic COVID-19 vaccine demand. The German biotech firm's shares fell 3.6% following the earnings release.
BioNTech posted a net loss of €807.8 million (-$871.7 million) or €3.36 (-$3.62) per share for Q2, compared to a loss of €190.4 million or €0.79 per share in the same period last year. The loss was significantly wider than analysts' estimates of €2.02 per share.
Revenue for the quarter came in at €128.7 million, missing the consensus estimate of €134.98 million and declining from €167.7 million YoY. The company attributed the revenue drop to lower COVID-19 vaccine sales as demand shifts to a seasonal market.
"The year to date has been marked by significant data updates across our oncology portfolio," said CEO Ugur Sahin. He noted progress in the company's mRNA vaccine platforms and initiation of new combination therapy trials.
For the full year 2024, BioNTech reiterated its revenue guidance of €2.5-3.1 billion, below the analyst consensus of €3.002 billion. The outlook reflects expectations of seasonal COVID-19 vaccine demand and potential inventory write-downs by partner Pfizer (NYSE:PFE).
Despite the weak quarter, BioNTech maintained a strong cash position of €18.5 billion as of June 30. The company continues to invest heavily in R&D, spending €584.6 million in Q2, up from €373.4 million last year.
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