BioNTech Q3 Profit Down; Lifts FY22 COVID-19 Vaccine Revenue View

(RTTNews) - German biotechnology company BioNTech SE reported Monday sharply lower profit in its third quarter reflecting weak revenues. Looking ahead, BioNTech has raised the lower end of its fiscal 2022 COVID-19 vaccine revenue estimate.

In pre-market activity in Nasdaq, BioNTech shares were losing around 3.2 percent to trade at $149.31.

Jens Holstein, CFO of BioNTech, said, "Thanks to our strong execution in the third quarter of 2022, we updated our COVID-19 vaccine revenue guidance for the year 2022 to the upper end of the original range. We started shipments of our Omicron-adapted bivalent vaccines early in September and we expect to carry on with our deliveries throughout the fourth quarter of 2022."

For fiscal 2022, BioNTech now expects COVID-19 vaccine revenue of 16 billion euros to 17 billion euros, compared to previously expected 13 billion euros to 17 billion euros.

According to the company, the updated guidance reflects the shipment of the Omicron-adapted bivalent vaccine boosters, as well as higher prices and a positive foreign currency effect.

Under the collaboration deals, territories have been allocated between BioNTech, Pfizer Inc. and Shanghai Fosun Pharmaceutical (Group) Co., Ltd. based on marketing and distribution rights.

BioNTech and Pfizer now have three commercial stage COVID-19 vaccine products on the market that include the original COVID-19 vaccine and two Omicron adapted vaccines: Original/BA.1- and BA.4/5.-adapted bivalent vaccines.

As of mid-October 2022, BioNTech and Pfizer have invoiced approximately 300 million doses of Original/Omicron-adapted bivalent vaccine.

BioNTech expects to invoice up to 2.1 billion doses of the COVID-19 vaccine in 2022. Some dose deliveries have been shifted into 2023 due to the evolving dynamics of demand.

In its third quarter, BioNTech net profit declined to 1.78 billion euros from last year's 3.21 billion euros. Earnings per share were 6.98 euros, compared to 12.35 euros last year.

Total revenues were 3.46 billion euros, down from 6.09 billion euros a year ago. The company noted that the course of the pandemic remains dynamic and led to fluctuations in quarterly revenues. The nine-month total revenues were 13.03 billion euros, nearly flat with last year's 13.44 billion euros.

BioNTech's commercial revenues included 2.55 billion euros gross profit share, down from 4.36 billion euros last year.

In addition, during the three months, BioNTech recognized 564.5 million euros of direct COVID-19 vaccine sales to customers in BioNTech's territory, Germany and Turkey, as well as 259.4 million euros from sales of products manufactured by BioNTech for its collaboration partners.

In the same quarter last year, these sales were 1.35 billion euros and 312.3 million euros, respectively.

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