US-listed BioNTech (NASDAQ:BNTX) shares are down 0.3% on the morning of Monday, May 6, 2024, following the release of a first-quarter financial report that highlighted a significant decline in sales of its vaccines against Covid-19.
BioNTech is also traded on B3 through BDR (BOV:B1NT34).
The German pharmaceutical company, known for its collaboration with Pfizer in creating vaccines, reported a loss of 1.31 euros per share in the first quarter of this year, a drastic drop compared to the profit of 2.05 euros per share in the same period of last year.
BioNTech’s total revenue fell to €187.6 million, a substantial decrease from the €1.277 billion generated in the first quarter of 2023. This decline is attributed to reduced seasonal demand for Covid-19 vaccines.
Analysts projected results of loss per share of 1.13 euros and revenue of 305 million euros, better than the reported results.
BioNTech Chief Financial Officer Jens Holstein explained that the company expects to recognize around 90% of its annual revenues in the final months of 2024, with a significant concentration in the fourth quarter.
Despite the reduction in sales, BioNTech maintains a solid cash position, with 16.9 billion euros available. This robust financial reserve will allow the company to invest aggressively in its innovative research and development pipeline, especially in the areas of oncology, where it seeks to expand its commercial readiness.
For fiscal 2024, BioNTech maintained its revenue projections of between 2.5 billion and 3.1 billion euros, reflecting cautious optimism about the recovery in sales in the final months of the year.
Tags: Biontech records decline quarter report reveals decline sales Covid19 vaccines