BioNTech Reports Significant Q2 Loss, Stock Slides 4%, Guidance Reiterated

Aug 5, 2024, 10:21 AM

BioNTech reported a significant quarterly loss in the second quarter of 2024, driven by a sharp decline in COVID-19 vaccine sales and increased investment in new product development. The company posted a net loss of €807.8 million, or €3.36 per share, compared to analysts' expectations of a €2.01 loss per share. Revenues for the quarter were €128.7 million, slightly below the estimated €131.64 million. BioNTech invested €525.6 million, approximately 90% of its total R&D spend, in non-COVID-19 related activities, primarily oncology and mRNA projects. This strategic shift towards cancer treatments comes as the company faces reduced demand for its COVID-19 vaccines. BioNTech's stock slid 4% after the earnings report, and the company reiterated its full-year guidance.