The U.S.-listed shares of Germany-based BioNTech SE (NAS:BNTX) sank 8.2% in premarket trading Monday, after the biotechnology company and Pfizer Inc. (NYS:PFE) partner in developing a COVID-19 vaccine reported second-quarter profit and revenue that fell below expectations but affirmed its full-year COVID-19 revenue outlook. Net income dropped to EUR1.67 billion ($1.70 bln), or EUR6.45 a share, from EUR2.79 billion, or EUR10.77 a share, in the year-ago period. The FactSet consensus for earnings per share was EUR7.08. Revenue fell to EUR3.20 billion ($3.26 billion) from EUR5.31 billion, missing the FactSet consensus of EUR3.88 billion. Under collaboration agreements with Pfizer and Shanghai Fosun Pharmaceutical Co. Ltd., BioNTech's commercial revenue included EUR1.99 billion gross profit share. "BioNTech believes the development of the pandemic remains dynamic, causing a re-phasing of orders and with this leading to fluctuations in quarterly revenues," the company said in a statement. "This revenue fluctuation caused by the re-phasing of orders is expected to remain over the rest of the financial year with an uptake in demand in key markets in the fourth quarter of 2022 related to the Omicron-adapted bivalent vaccine, subject to regulatory approval." The company affirmed its 2022 outlook for COVID-19 vaccine revenue of EUR13 billion to EUR17 billion. BioNTech's stock has rallied 34.5% over the past three months through Friday while Pfizer shares have gained 0.5% and the S&P 500 (S&P:SPX) has tacked on 0.5%.
Aug. 8, 2022, 6:17 a.m. EDT