Why Is BioNTech (BNTX) Stock Down 7% Today?

  • BioNTech (BNTX) stock is dropping on poor results for Q2.
  • That saw earnings per share and revenue missing estimates.
  • Despite that, positive Covid-19 news could be a future catalyst for the shares.
The headquarters of BioNTech (BNTX stock) in Germany.

Source: Palatinate Stock / Shutterstock.com

BioNTech (NASDAQ:BNTX) stock is on falling on Monday after the company released poor results for its second quarter of 2022.

This saw it report diluted earnings per share of 6.45 euros and revenue of 3.2 billion euros. Unfortunately for BNTX stock, Wall Street was looking for diluted EPS of 7.08 euros on revenue of 4.11 billion euros during the period.

There’s also an update on the biotechnology company’s vaccine for the omicron variant of Covid-19 to consider. BioNTech says it expects to have this vaccine, as well as one for the normal version of Covid-19, ready to go as early as October.

To go along with that news, BioNTech has also signed an agreement with the U.S. government to provide it with 105 million doses of its Covid-19 vaccine. That agreement also includes an option for the government to purchase an additional 195 million doses.

Prof. Ugur Sahin, M.D., co-founder and CEO of BioNTech, said the following in the earnings report.

In the first half of 2022, we achieved important milestones as we have further strengthened our COVID-19 vaccine leadership and have expanded our broad pipeline and accelerated its maturation. Our COVID-19 product pipeline includes variant-adapted and next-generation vaccine candidates, aimed at prolonged and broad protection.

BioNTech also reiterates its outlook for 2022 in its most recent earnings report. This has the company expecting vaccine revenue for the year to range from 13 billion euros to 17 billion euros.

BNTX stock is down 7.3% as of Monday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-biontech-bntx-stock-down-7-today/.

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