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BioNTech SE (NASDAQ: BNTX) is down nearly 5.0% in premarket on Wednesday after reporting disappointing financial results for the fourth quarter.
BioNTech stock down on muted guidance
The stock is being hit because $BNTX did not issue an impressive guidance either. It now expects revenue to fall between €2.5 billion and €3.1 billion ($2.71 billion to $3.36 billion) this year.
Analysts, in comparison, were at €3.44 billion instead. Prof. Ugur Sahin – the chief executive of BioNTech said in a press release today:
We have maintained our leading position in the COVID-19 vaccine market which lays the foundation for establishing a sustainable respiratory vaccines business.
The biotech giant also confirmed that its COVID franchise will remain a significant cash contributor in 2024. BioNTech stock is now down over 20% year-to-date.
BioNTech Q4 earnings snapshot
- Earned €457.9 million that translates to €1.90 per share
- Had $2.28 billion in net income or $9.26 a share last year
- Revenue tanked 65.4% to €1.48 billion as per earnings report
- Consensus was €2.37 a share on €1.84 billion in revenue
- Cost of sales decline from €183.5 million to €179.1 million
BioNTech ended the fourth quarter with €17.65 billion in cash and equivalents including security investments. CEO Sahin also said on Wednesday.
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Our goal is to achieve product approvals in ten oncological indications by 2030 and with this improve the treatment options for patients around the globe.
Wall Street currently has a consensus “overweight” rating on BioNTech shares.
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