2024-03-20 07:33:04 ET
BioNTech SE (NASDAQ: BNTX) is down nearly 5.0% in premarket on Wednesday after reporting disappointing financial results for the fourth quarter.
BioNTech stock down on muted guidance
The stock is being hit because did not issue an impressive guidance either. It now expects revenue to fall between €2.5 billion and €3.1 billion ($2.71 billion to $3.36 billion) this year.
Analysts, in comparison, were at €3.44 billion instead. Prof. Ugur Sahin – the chief executive of BioNTech said in a press release today:
We have maintained our leading position in the COVID-19 vaccine market which lays the foundation for establishing a sustainable respiratory vaccines business.
The biotech giant also confirmed that its COVID franchise will remain a significant cash contributor in 2024. BioNTech stock is now down over 20% year-to-date.
BioNTech Q4 earnings snapshot
- Earned €457.9 million that translates to €1.90 per share
- Had $2.28 billion in net income or $9.26 a share last year
- Revenue tanked 65.4% to €1.48 billion as per earnings report
- Consensus was €2.37 a share on €1.84 billion in revenue
- Cost of sales decline from €183.5 million to €179.1 million
BioNTech ended the fourth quarter with €17.65 billion in cash and equivalents including security investments. CEO Sahin also said on Wednesday.
Our goal is to achieve product approvals in ten oncological indications by 2030 and with this improve the treatment options for patients around the globe.
Wall Street currently has a consensus “overweight” rating on BioNTech shares.
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