BioNTech SE dropped the most in more than three months as lagging Covid-19 vaccine orders held sales and profit short of analysts’ expectations.
Revenue in the second quarter dropped by about 40%, BioNTech said on Monday. Diluted earnings per share were 6.45 euros, below the 7.44-euro average estimate of analysts surveyed by Bloomberg.
BioNTech and partner Pfizer Inc. are counting on an omicron-adapted vaccine to reinvigorate sales for the rest of the year. The first doses of a shot tailored for both the original coronavirus and the fast-spreading omicron BA.4/5 variant should be ready in October, in time for fall booster campaigns, BioNTech said. The companies will begin a clinical trial this month and manufacturing has already started.