BioNTech cuts annual revenue guidance amid slipping COVID-19 jab demand

Investing.com -- BioNTech (NASDAQ:BNTX) has slashed its full-year revenue guidance due to weakening demand for its COVID-19 vaccine, but noted that the impact from write-downs at its jab co-developer Pfizer (NYSE:PFE) would be less than initially anticipated.

In a statement, the German group estimated that COVID vaccine revenues during its 2023 fiscal year would be around €4 billion (€1 = $1.0740), down from its prior guidance of approximately €5B.

The company noted that fewer primary vaccinations and lower population-wide levels of boosting are anticipated compared to the same period in previous years, an indication of the waning call for COVID shots following the pandemic. Meanwhile, later-than-expected regulatory approvals and their knock-on effects on national vaccination drives have delayed some projected sales, the Mainz-based business added.

BioNTech, which leans heavily on a profit sharing deal with pharmaceutical giant Pfizer, has also been hit by inventory write-downs at its U.S. partner last month. The charges would reduce third-quarter revenues by €507.9M, BioNTech said, although this was less than the €900M it had first flagged.

Meanwhile, total revenues in the three months ended on Sept. 30 came in at €895.3M, topping Bloomberg consensus estimates of €865.8M but sharply below the €3.46B posted in the year earlier. Earnings per share of €0.67 also surprised projections for a loss of €0.35 per share.

Shares in BioNTech were higher in early trading on Monday.