BioNTech sinks as Covid vaccine sales and profit disappoint

BioNTech dropped the most in more than three months as lagging Covid-19 vaccine orders held sales and profit short of analysts’ expectations.

Revenue in the second quarter dropped by about 40 per cent, BioNTech said on Monday. Diluted earnings per share were €6.45, below the €7.44 average estimate of analysts surveyed by Bloomberg.

The biotech’s American depositary receipts fell as much as 9.4 per cent in Germany, the most since April 19th. They also declined in US trading before exchanges opened.

BioNTech still expects to hit a target of €13 billion to €17 billion in vaccine revenues this year, with demand increasing in the fourth quarter once the new shot is available. Rival Moderna has said it will start delivering autumn boosters in September.

BioNTech booked a €247.1 million inventory write-off in the quarter related to unused production slots and materials and expired vaccines. Sales fell to €3.2 billion, almost 20 per cent short of the average estimate. – Bloomberg