Like Moderna, BioNTech Cuts Annual Sales Forecast By 20% As Pandemic Fades

BioNTech SE BNTX has reported Q3 revenues of €895.3 million ($974.49 million), sharply down from €3.461 billion a year ago. Analysts estimated $1.06 billion in sales. 

For the nine months, total revenues were €2.34 billion, compared to €13.03 billion for the comparative prior year period. 

Inventory write-downs by BioNTech's collaboration partner Pfizer Inc PFE reduced BioNTech's revenues by €507.9 million and €615.4 million for the three and nine months ended September 30, 2023, respectively.

The company reported an EPS of €0.67 (around $0.73, beating the consensus of $0.62), a steep decline from €6.98 a year ago.

Last month, BioNTech flagged write-downs of up to €900 million, reflecting similar charges to Pfizer.

BioNTech will likely "recognize the effect of Pfizer's inventory write-offs and other charges related to Comirnaty in Q3 2023 up to €0.9 billion, which represents BioNTech's half of the gross profit-sharing agreement with Pfizer," it said in a statement.

Last week, Moderna MRNA also cut its forecast due to weaker COVID-19 vaccine demand.

Last month, Pfizer and BioNTech released topline results from a Phase 1/2 study of mRNA-based combination vaccine candidates for influenza and COVID-19 among healthy adults. 

The data from the trial showed that the companies' lead formulations demonstrated robust immune responses to influenza A, influenza B, and SARS-CoV-2 strains.

Guidance: BioNTech lowers its FY23 Covid-19 vaccine revenue guidance to around €4 billion, down from prior guidance of approximately €5 billion.

It expects R&D expenses of €1.8 billion-€2 billion, down from prior guidance of €2.4 billion-€2.2 billion, and SG&A expenses forecasted at €600 million-€650 million, down from €600 million-€700 million.

The company sees capex of €200 million-€300 million, down from prior guidance of €350 million- €450 million.

Concurrently, Biotheus entered an exclusive global license and collaboration agreement with BioNTech for PM8002 globally (ex-Greater China). Biotheus retains the rights to exploit PM8002 in Greater China. PM8002 is currently in Phase 2 studies in China to evaluate the efficacy and safety of the candidate as a monotherapy or in combination with chemotherapy in patients with advanced solid tumors.

Biotheus will receive an upfront payment of $55 million and is eligible for an additional milestone payment of over $1 billion.

Price Action: BNTX shares are up 6.49% at $102.10 on the last check Monday.