BioNTech stock drops after revenue falls well short of expectations, but affirms 2023 COVID vaccine revenue view

Shares of BioNTech SE
BNTX,
-0.16%
dropped 2.4% toward a three-month low in premarket trading Monday, after the Germany-based biotechnology company, which developed a COVID-19 vaccine with partner Pfizer Inc.
PFE,
+0.06%,
reported second-quarter revenue that fell well short of expectations, while swinging to a net loss that beat forecasts. The company reported a net loss of EUR190.4 million ($208.8 million), or EUR0.79 a share, after net income of EUR1.67 billion, or EUR6.45 a share, in the year-ago period. The FactSet per-share loss consensus was EUR0.83. Total revenue declined to EUR167.7 million ($183.9 million) from EUR3.20 billion, to miss the FactSet consensus of EUR628.1 million. “Write-offs by BioNTech’s collaboration partner Pfizer, Inc. (“Pfizer”) significantly reduced the company’s gross profit share in the second quarter and hence negatively influenced its revenues for the three months ended June 30, 2023,” BioNTech said in a statement. The company said it is on track to launch its new variant-adapted COVID-19 vaccine, and continues to support vaccinations during the autumn respiratory infection season. For 2023, the company affirmed its estimated COVID-19 vaccine revenue at approximately EUR5 billion. The stock has sunk 29.1% year to date through Friday while Pfizer shares have lost 31.7% and the S&P 500
SPX,
-0.53%
has gained 6.6%.