Monday, BioNTech SE BNTX reported deeper losses in the second quarter of 2024, with an EPS loss of $(3.62) or (3.36) euros, missing the consensus of (1.89) euros and higher than (79) cents in the second quarter of 2023.
The company reported a net loss of 807.8 million euros compared to 190.4 million euros a year ago.
The COVID-19 vaccine maker reported sales of 128.7 million euros ($138.56 million), down from 167.7 million euros a year ago and missing the consensus of 157 million euros, reflecting a continued shift in demand from a pandemic to a seasonal endemic COVID-19 vaccine market.
Also Read: Why Is Pfizer Partner BioNTech Stock Trading Lower On Monday?
“The year to date has been marked by significant data updates across our oncology portfolio. These readouts reinforce the potential of our platform technologies, including our individualized and off-the-shelf mRNA vaccine platforms, iNeST and FixVac. We have also advanced our strategy by initiating clinical trials evaluating novel combinations of synergistic drug candidates,” said Ugur Sahin, CEO and Co-Founder of BioNTech.
“In addition, we have started commercializing variant-adapted COVID-19 vaccines for the upcoming season while accelerating our clinical development efforts to realize the full potential of our technologies,” Sahin added.
R&D expenses increased from 373.4 million euros to 584.6 million euros, mainly influenced by progressing clinical studies for the company’s late-stage oncology pipeline candidates.
On Monday, Genmab A/S GMAB announced that it will assume sole responsibility for developing and potentially commercializing acasunlimab as BioNTech has opted not to participate in the further development of the acasunlimab program.
The program will be subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech.
Genmab plans to initiate the Phase 3 study in the second half of this year.
BioNTech informed the company that it made the decision relating to its portfolio strategy.
Guidance: BioNTech said it is still targeting 2024 revenues of 2.5 billion euros to 3.1 billion euros.
Partner Pfizer Inc. PFE raised its 2024 guidance to $8.5 billion from $8 billion but reaffirmed that $5 billion would come from BioNTech’s partnered Comirnaty-COVID-19 vaccine.
Moderna Inc MRNA lowered its 2024 sales guidance on Thursday due to weaker demand for its COVID-19 vaccines.
Price Action: BNTX stock is down 4.08% at $78.66 during the premarket session at last check Monday.
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