BioNTech stock falls 8.2% after second quarter revenue falls

The U.S. shares of German-based BioNTech SE BNTX fell 8.2% in premarket trading Monday after the biotechnology company and Pfizer Inc. reported second-quarter profit and revenue fell below expectations, but affirmed its full-year COVID 19 revenue outlook. Net income dropped to EUR 1.67 billion, $1.70 billion or EUR 6.45 a share, from EUR 2.79 billion, or EUR 10.77 a share, in the year-ago period. The FactSet consensus for earnings per share was EUR 7.08. Revenue fell to EUR 3.20 billion $3.26 billion from EUR 5.31 billion, missing the FactSet consensus of EUR 3.88 billion. BioNTech's commercial revenue included EUR 1.99 billion gross profit share under collaboration agreements with Pfizer and Shanghai Fosun Pharmaceutical Co. Ltd. BioNTech believes that the development of the pandemic remains dynamic and leads to fluctuations in quarterly revenues, the company said in a statement. The revenue fluctuation due to the rephasing of orders is expected to remain the same throughout the financial year with an increase in demand for the Omicron-adapted bivalent vaccine, subject to regulatory approval in key markets in the fourth quarter of 2022. The company affirmed its outlook for COVID 19 vaccine revenue from EUR 13 billion to EUR 17 billion in the year 2022. BioNTech's stock has rebounded 34.5% over the past three months, while Pfizer's shares have gained 0.5% and the S&P 500 SPX has gained 0.5%.