BioNTech's Loss Quadruples as COVID-19 Vaccine Demand Falls

American depositary receipts (ADRs) of BioNTech (BNTX) fell Monday aft nan COVID-19 vaccine maker’s second-quarter nonaccomplishment quadrupled connected falling request for nan shots, and arsenic it ended an statement pinch biotech patient Genmab to create a lung crab drug.

BioNTech reported a quarterly nonaccomplishment of 807.8 cardinal euros ($886 million), aliases EUR3.36 per share, overmuch wider than analysts polled by Visible Alpha expected. Revenue fell 23.3% year-over-year to EUR128.7 million, which was supra forecasts.

The institution noted that nan diminution successful income of its COVID-19 vaccine was nan consequence of "the continued displacement successful request from a pandemic to a seasonal endemic COVID-19 vaccine market."

CEO Says BioNTech Has Shifted Focus To Cancer Treatments

Co-founder and Chief Executive Officer (CEO) Dr. Ugur Sahin explained that BioNTech has shifted its attraction to producing crab treatments, noting that 2024 "has been marked by important information updates crossed our oncology portfolio."

However, nan institution besides announced that contempt studies that show encouraging results from nan small-cell lung crab curen it has been moving connected pinch Genmab (GMAB), it has chosen not to participate successful further improvement of nan programme "for reasons relating to portfolio strategy." That includes a planned Phase 3 trial. The institution added that Genmab will "continue their collaboration nether nan existing agreements," which were expanded successful 2022.

ADRs of BioNTech dropped 5.3% arsenic of 10:25 a.m. ET Monday to $77.64, their lowest level successful almost 4 years. Genmab ADRs fell astir 7% to $26.29.