BioNTech announces massive decline in 1st-qtr 2024 sales and earnings
German biotech BioNTech (Nasdaq: BNTX), which shot into the limelight with the development of the most successful COVID-19 vaccine, Comirnaty, has reported financial results for the three months ended March 31, 2024, showing that total revenues have fallen to 187.6 million euros ($202 million), compared to 1,277.0 million euros for the comparative prior year period. This was 55.76% worse than analysts’ estimates for revenue of $460.50 million.
The year-over-year change was mainly due to lower commercial revenues from the sales of BioNTech’s COVID-19 vaccine worldwide resulting from endemic-level demand for COVID-19 vaccines.
Net loss for the quarter was 315.1 million euros, compared to a net profit of 502.2 million euros for the comparative prior year period. BioNTech reported loss per share of $1.31, compared earnings per share of 2.05 euros a year ago, and with analysts’ estimates of a $1.17 per share loss.
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