The German immunotherapy company, BioNTech SE (BNTX), has announced a loss in its first-quarter earnings of the year, in contrast to the profit earned the previous fiscal year. This comes amidst significantly reduced net revenues. Despite this, BioNTech confirms its projected revenue for the financial year 2024.
Prior to the Nasdaq market opening, BioNTech shares were trading at $88.05, a decrease of 5.04%.
The company attributes its year-over-year change to reduced commercial revenues from the global sales of BioNTech's COVID-19 vaccine, primarily due to a demand limit at an endemic level for COVID-19 vaccines.
In terms of figures, the net loss for the first quarter was 315.1 million euros, compared to a profit of 502.2 million euros in the same period the previous year. This translated to a loss per share of 1.31 euros or $1.42, compared to a profit of 2.05 euros per share a year ago.
The company also reported a substantial drop in first-quarter revenues to 187.6 million euros, compared to last year's 1.28 billion euros.
Looking into the future, BioNTech continues to project total revenues for the fiscal year 2024 being within the range of 2.5 billion euros to 3.1 billion euros. The firm anticipates recognising approximately 90% of its full-year revenues in the closing months of 2024, predominantly in the fourth quarter.
Ugur Sahin, CEO and Co-Founder of BioNTech, states that throughout the rest of the year, the firm plans to develop and commercialise a variant-adapted COVID-19 vaccine. Also, it aims to expedite its clinical development activities towards harnessing the full potential of its oncology pipeline with a goal to offer commercial medicines for cancer and infectious diseases.
