BioNTech stock tumbled to its lowest point in three years Wednesday after the Covid vaccine maker reported light fourth-quarter sales and profit, and delivered lackluster 2024 guidance.
The Covid vaccine, developed with Pfizer, is BioNTech's only commercial product. In the fourth quarter, Comirnaty sales plummeted 65% to just north of $1.6 billion — based on today's exchange rates — missing forecasts for $1.99 billion, according to FactSet.
Earnings also plummeted about 79.5% to $2.06 per share. Analysts called for a stronger $2.58.
On today's stock market, BioNTech stock toppled 4.4% to 90, paring steeper losses. Shares of Pfizer rose a fraction to 27.70.
BioNTech Stock Faces Continues Declines
Despite launching new booster shots to target more updated strains of the virus, the makers of Covid vaccines have struggled in recent years. During the fourth quarter, Moderna and Novavax also reported declining sales of their shots.
That trend extended to BioNTech's full-year guidance. For 2024, the company guided to about $2.71 billion to $3.25 billion in sales. The high end of the outlook lagged BioNTech stock analysts' forecast for $3.37 billion, according to FactSet.
In response, BioNTech stock dropped to its lowest point since January 2021, MarketSurge.com shows. Shares are now well below a ceiling at their 50-day moving average, which BioNTech stock undercut this January. Shares also fell below their 200-day line in the same month.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
