BioNTech's New CEO Will Need Time to Improve Portfolio

Dow Jones08-04

1418 GMT - BioNTech's next CEO will need to time to strengthen the German biotech company's oncology portfolio, Bernstein analysts say in a research note. A day after naming Guido Oelkers as its new CEO, BioNTech reported disappointing results and significantly lowered revenue guidance for this year, the analysts say. The company also cut its research-and-development spending guidance, prioritizing its late-stage pipeline, they add. "We still think [lung cancer drug] Gotistobart looks like a winner--but the other two key oncology drugs in development have significant questions," Bernstein says. Shares fall 1.4%.

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The company also cut its research-and-development spending guidance, prioritizing its late-stage pipeline, they add. \"We still think [lung cancer drug] Gotistobart looks like a winner--but the other two key oncology drugs in development have significant questions,\" Bernstein says. 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