BioNTech Q1 Net Profit Declines; Reiterates 2023 COVID-19 Vaccine Revenue Guidance

(RTTNews) - BioNTech SE (BNTX) said its financial performance has been fully in line with the company's expectations for the first quarter of 2023. Commercial revenues decreased due to lower demand for COVID-19 vaccine.

For fiscal 2023, the company continues to project BioNTech COVID-19 vaccine revenues of approximately 5 billion euros. In 2023, the company plans to deliver doses originally scheduled for delivery in 2022 in some geographies. BioNTech SE said, for the remainder of 2023, the company is focused on advancing its disruptive platforms against solid tumors and accelerating clinical programs in infectious diseases of high global need.

First quarter net profit was 502.2 million euros, compared to 3.70 billion euros, a year ago. Earnings per share was 2.05 euros compared to 14.24 euros. First quarter total revenues were 1.28 billion euros, compared to 6.37 billion euros, previous year. BioNTech said the change was mainly due to lower commercial revenues from the supply and sales of the company's COVID-19 vaccines worldwide. COVID-19 vaccine revenues declined to 1.26 billion euros from 6.35 billion euros.

Ugur Sahin, CEO and Co-Founder of BioNTech, said: "We are preparing to initiate our first Phase 3 clinical trial in oncology for the novel anti-CTLA-4 antibody in NSCLC patients who have progressed after PD-1/PD-L1 treatment. We are also making progress in advancing our next generation COVID-19 vaccine candidate while we stand prepared for variant adaptation in case of public health need."

The company noted that, demand for its COVID-19 vaccine, though difficult to predict, is expected to decrease in the near future.

Shares of BioNTech SE are up 5% in pre-market trade on Monday.

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