What happened
BioNTech (BNTX 1.18%), the out-of-nowhere German biotech that shot to prominence with the coronavirus vaccine it developed with Pfizer (PFE 2.31%), wasn't having a great Monday. After it released lackluster quarterly results, a great many investors sold out of the company; in midafternoon trading, the stock was down by nearly 11%.
So what
For its second quarter, BioNTech's revenue was just under 3.2 billion euros, or $3.3 billion, while its net profit stood at 1.67 billion euros. Both figures, however, were down considerably from the same quarter of 2021. In that frame, BioNTech's top line was a bit over 5.3 billion euros, and it netted almost 2.79 billion euros in profit.
On a per-share basis, BioNTech earned 6.45 euros ($6.57) in the most recent quarter. Analysts were expecting well more from the high-profile biotech; on average, they were modeling $7.20. Revenue also missed, as those prognosticators' collective estimate was for $3.95 billion.
The numbers of vaccinated individuals in the many jurisdictions where BioNTech-Pfizer's Comirnaty is approved are fairly high just now. So it stands to reason that revenue has declined for the company; unlike for the sprawling Pfizer, the coronavirus vaccine is by far BioNTech's most important revenue source.
Now what
BioNTech did sound an optimistic note for its future, with CFO Jens Holstein saying, "With our initiatives around variant-adapted COVID-19 vaccine candidates, we expect an uptake in demand in our key markets in the fourth quarter of 2022, subject to regulatory approval."
The company proffered guidance for its share of Comirnaty revenue for the entirety of 2022 -- it believes it will earn anywhere from 13 billion euros to 17 billion euros.
