BioNTech shares slip on gloomy Covid vaccine sales outlook
Publishing timestamp: 2023-03-27 12:00:11
Summary
BioNTech's shares fell over 4% after the company shared a gloomy sales outlook for its Covid vaccine jointly developed with Pfizer. The company reported solid quarterly earnings but said revenue fell slightly from the previous year due to lower demand for its Covid vaccine, which is its only marketed product. BioNTech expects Covid vaccine revenue to fall to €5 billion ($5.4 billion) this year, a steep decline from €17.3 billion ($18 billion) in 2022. The company is renegotiating its supply contract with the European Union's executive body, which could potentially spread vaccine deliveries across multiple years and reduce volume. BioNTech is the latest company to forecast a slump in demand for Covid products as the world emerges from the pandemic.
Sentiment: NEGATIVE
Keywords: business, stock markets, business news, markets, biontech se, breaking news: business, health care industry, biotechnology, breaking news, pharmaceuticals, biotech and pharmaceuticals, pfizer inc,
Source: https://www.cnbc.com/2023/03/27/biontech-shares-slip-on-gloomy-covid-vaccine-sales-outlook-.html