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BioNTech misses Q2 sales forecasts as it prepares possible launch of new Covid vaccines
(Sharecast News) - BioNTech reported a larger-than-expected drop in quarterly revenues, even as it progressed on the roll-out of new Covid-19 vaccines and its pipeline of potential cancer treatments.
The German biotechnology giant reported a 40% drop in sales versus the comparable year earlier period to reach €3.2bn (FactSet: €3.88bn).
Similarly, its earnings per share shrank by 40% to €6.45 (FactSet: €7.08).
During the period however, the company inked a deal with the US government for the supply of 105m more doses of its Covid-19 vaccines with an option for a further 195m.
That came as it prepared to potentially launch versions of its Covid-19 vaccines, adapted to the Omicron variant's BA.1 or BA.4/5 variant's spike protein, possibly as early as the following October.
It also initiated two more Phase 1 clinical trials for a total of 18 oncology programmes.
Significantly, the European Medicines Agency had granted its BNT211 Car-T programme Priority Medicines designation.
As of 1501 BST, shares of BioNTech were trading down by 9.08% to $162.30.
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