BioNTech stock seesawed before closing in the green on Monday following a disappointing first-quarter showing.
Sales of Comirnaty, the BioNTech-Pfizer-partnered Covid shot, plummeted 86% to $202 million, according to FactSet. Germany-based biotech BioNTech also reported a bigger-than-expected loss at $1.41 per share. Analysts projected a loss of $1.34 per share.
BioNTech Stock: Forecast In Line With Street's Outlook
But the company kept its outlook for the year, and expects 2.5 billion to 3.1 billion euros, or about $2.7 billion to $3.34 billion, based on today's exchange rates. That's in line with BioNTech stock analysts' forecast for $3.01 billion.
Chief Financial Officer Jens Holstein says BioNTech expects to recognize about 90% of its full-year revenue in the last months of 2024, mostly in the fourth quarter.
"With a strong cash position of 16.9 billion euros, we are well positioned to invest in our innovative (research and development) pipeline and scale the business for commercial readiness in oncology," Holstein said in a written statement.
On today's stock market opened, BioNTech stock gained 0.7%, closing at 93.35. Shares surged above their 50-day moving average on May 2, according to MarketSurge.
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