German vaccine maker BioNTech (22UAy.DE) significantly lowered its full year sales outlook range on Tuesday due to softer-than-expected COVID-19 vaccine demand, as second quarter revenue fell by more than half and its net loss more than doubled.
Shares were down 5.5% at 1106 GMT following the results.
The company, which this week announced it had picked Guido Oelkers as its next CEO, now expects 2026 revenue between €1.6 billion and €1.9 billion ($1.84 billion-$2.19 billion) versus the €2 billion to €2.3 billion it had guided for in March.
In addition to lower demand for its COVID-19 vaccine, it also cited the use of existing vaccine stockpiles in Germany and the deferral of milestone payments as reasons for the revised guidance.
Quarterly revenue slumped to €105.6 million, down from €260.8 million the year before, while the company's net loss expanded to €820.8 million in the quarter through June.
BioNTech is now reining in spending, with adjusted R&D costs for the full year projected to be between €2.0 billion and €2.3 billion, down from a previous estimate of up to €2.5 billion.
($1 = 0.8688 euros)
