BioNTech down as financials come in lower than expected

German BioNTech (Nasdaq: BNTX) stock fell nearly 9% to 85.72 euros in early trading today, as the company – which came into the limelight with the super successful COVID-19 vaccine Comirnaty partnered with Pfizer (NYSE: PFE) – as it posted financial results that disappointed.

With the pandemic now mostly over, in the fourth quarter Comirnaty sales plummeted 65% to just north of $1.6 billion - based on today's exchange rates - missing forecasts for $1.99 billion, according to FactSet. Earnings also plummeted about 79.5% to $2.06 per share. Analysts called for a stronger $2.58.

For the year ended December 31, 2023, total revenues were 3,819.0 million euros ($4,159 million) compared to 17,310.6 million euros for the prior year. Inventory write-downs by BioNTech's collaboration partner Pfizer, reduced BioNTech's revenues by 291.3 million euros and 906.7 million euros for the three and 12 months ended December, respectively.