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BioNTech (NASDAQ:BNTX) reported better-than-expected results for its first quarter although its guidance for COVID-19 vaccine sales came in significantly lower than the average analyst estimate.
BNTX reported earnings per share of €9.26 on revenue of €4.28 billion, topping the consensus for EPS of €7.63 on revenue of €3.9B. Commercial revenue fell 23% year-over-year on falling COVID-19 vaccine sales. As a result, operating income fell 30% YoY to €3.29B.
“We made significant progress in 2022 by advancing our pipeline and launching the world’s first Omicron BA.4/BA.5 adapted bivalent COVID-19 vaccine. In addition, multiple new modalities achieved encouraging clinical data and we progressed nine new programs into clinical trials,” said Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech.
For FY23, the company now expects to generate €5B from COVID-19 vaccine sales while analysts were looking for as much as €8.95B.
“As we look to 2023 and beyond, we plan to continue investing in our transformation with a focus on building commercial capabilities in oncology and working towards registrational trials. Our mid-term goal is to seek approval for multiple oncology products in cancer indications with high unmet medical need.”
BioNTech shares trade over 4% lower in pre-market Monday.
