BioNTech Q3 Profit Falls, Trims FY23 Vaccine Revenue Outlook

(RTTNews) - BioNTech SE (BNTX) Monday announced a sharp fall in third-quarter earnings compared to the prior year, as the commercial revenues were down sharply. The company revised down its COVID-19 vaccine revenues for the full year 2023.

The quarterly earnings were 160.6 million euros or 0.67 cents, down from 1.784 billion euros or 6.98 cents in the prior year. On average, 2 analysts polled by Thomson Reuters were looking for earnings of $0.62 per share. Analysts' views usually exclude special items.

Revenue for the quarter declined to 895.3 million euros from 3.461 billion euros a year ago. Commercial revenues were 893.7 million euros, down from 3.394 billion last year. R&D expenses surged to 497.9 million from 341.8 million euros in the prior year.

For the full year 2023, the company now expects COVID-19 vaccine revenues to be 4 billion euros compared to its March outlook of 5 billion euros. Research and Development expenses are now projected to be in the range of 1.8 to 2.00 billion euros, while the March projection was in the range of 2.4 to 2.6 billion euros.

Currently, in the Nasdaq pre-market, shares are at $98.86, up 3.22 percent from the previous close of $92.49.