BioNTech Slips Into Quarterly Loss As Q2 Revenue Evaporates, Cuts R&D Spending For FY23

BioNTech SE BNTX has reported Q2 revenues of €167.7 million, sharply down from €3.2 billion a year ago. 

For the six months ended June 30, 2023, total revenues were €1.44 billion, compared to €9.6 billion for the comparative prior year period. 

Write-offs by BioNTech's collaboration partner Pfizer Inc PFE significantly reduced the company's gross profit share in the second quarter and negatively influenced its Q2 revenues.

Cash and cash equivalents and security investments were €14.17 billion and €2.7 billion, respectively.

After the end of the reporting period, the payment settling BioNTech's gross profit share for Q1 of 2023 (as defined by the contract with Pfizer) in the amount of €1.06 billion was received from BioNTech's collaboration partner as of July 17, 2023. 

In addition, until early August 2023, €437.7 million was received in connection with the amended COVID-19 Vaccine Purchase Agreement with the European Commission.

The company incurred an EPS loss of €(0.79) compared to an income of €6.45 a year ago.

"Simultaneously, we are enhancing our infectious disease pipeline to address global health needs and are developing an Omicron XBB.1.5-adapted monovalent COVID-19 vaccine to become available for the upcoming fall-winter season, subject to regulatory approvals," said Prof. Ugur Sahin, CEO, and Co-Founder.

Guidance: BioNTech reiterates its Covid-19 vaccine revenue guidance at approximately €5 billion.

It expects R&D expenses of €2-€2.2 billion, down from prior guidance of €2.4-€2.6 billion, and Capex of €350- €450 million, down from prior guidance of €500-€600 million.

Price Action: BNTX shares are down 8.65% at $97.33 on the last check Monday.

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