BioNTech suffers double-digit damage as results miss estimates
German biotech company BioNTech (Nasdaq: BNTX) was trading more than 10% lower on Monday afternoon in New York after announcing its latest financial results.
The company saw its sales and earnings figure drop by even more than analysts had expected compared to the same period of 2021, when BioNTech was raking in the profits from its COVID-19 Comirnaty vaccine collaboration with US pharma giant Pfizer (NYSE: PFE).
Net income dropped by 40% to 1.67 billion euros ($1.70 billion), or 6.45 euros per share, from 2.79 billion euros, or 10.77 a share, in the year-ago period. Analysts had expected earnings of an average of 7.08 euros per share.
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