BioNTech Slipped Nearly 10% in Morning Trading After Reporting Lower Q2 Earnings

Tiger Newspress2022-08-08

BioNTech slipped nearly 10% in morning trading after reporting lower Q2 earnings.

Revenue for the quarter fell to EUR3.2 billion from EUR5.31 billion a year earlier, when it surged as BioNTech and Pfizer began to sell millions of doses of their Covid-19 vaccine.

BioNTech said it expects orders for Covid-19 vaccines to fluctuate from quarter to quarter for the rest of the year. It expects demand in important markets to pick up during the last three months of the year thanks to a vaccine that has been adapted for the Omicron variant of the coronavirus, currently subject to regulatory approval.

BioNTech backed its 2022 guidance, including a goal of hitting Covid-19 vaccine revenue of EUR13 billion to EUR17 billion.

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