BioNTech’s Loss Is Wider Than Expected as Vaccine Sales Hurt

Bloomberg08-05

BioNTech SE posted a quarterly loss that was wider than analysts foresaw amid low demand for Covid-19 vaccines and increased spending on developing new products.Mainz, Germany-based BioNTech’s second-...

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Sales of €128.7 million also missed analysts’ expectations.The US depositary receipts fell as much as 4.1% before US markets opened amid widespread losses in global trading. They lost 22% this year through Friday’s close.Lower sales of Covid-19 shots, BioNTech’s main revenue driver, have weighed on performance. The company has attributed some of this to seasonal demand skewing to the later months of the year, when around 90% of total annual revenues are expected.After gaining prominence for its Covid vaccines during the pandemic, BioNTech is shifting focus, with several cancer treatments expected to launch in 2026. A recent success was the positive result from a mid-stage trial for a candidate to fight advanced melanoma. About 90% of research and development spending in the quarter was unrelated to Covid, according to the statement.The vaccine maker has partnered with Pfizer Inc. to develop a two-in-one shot against Covid and the flu. 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