The U.S.-listed shares of BioNTech SE BNTX, -0.92% fell 2.7% in premarket expectations, as profit and revenue beat expectations but fell from a year ago due to lower demand for COVID-19 vaccines, and indicated demand would fall further. Net income fell to EUR2.28 billion ($2.45 billion), or EUR9.26 a share, from EUR#.17 billion, or EUR12.18 a share, in the year-ago period. The FactSet consensus for earnings per share was EUR7.78. Revenue fell 22.7% to EUR4.28 billion ($4.61 billion), above the FactSet consensus of EUR3.65 billion. For 2023, the company, which developed its COVID-19 vaccine with U.S. partner Pfizer Inc. PFE, +0.52%, expects 2023 COVID-19 vaccine revenue of about EUR5 billion. The stock has tumbled 19.8% over the past three months through Friday, while Pfizer shares have dropped 21.0% and the S&P 500 SPX, +0.56% has gained 3.7%.
This article was originally published by Marketwatch.com. Read the original article here.
