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BioNTech Shares Off After Report of Wider Second-Quarter Loss

German biopharma BioNTech misses Wall Street's second-quarter earnings expectations.
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Shares of BioNTech  (BNTX) - Get BioNTech SE Report were lower Tuesday after the German biopharmaceutical company reported a wider second-quarter loss.

Net loss was €88.3 million, or €0.38 a share (US$104 million, or 45 cents a share), compared with a loss of €50.1 million, or €0.24 a share (US$59 million, or 28 cents a share), in the year-earlier period. 

The Zacks consensus analyst estimate was a loss of 29 cents per share.

Revenue totaled €41.8 million or about $49.2 million, compared with €25.8 million, or $30.4 million, a year ago.

Revenue primarily came from collaboration agreements, the company said. 

The revenue from collaboration agreements overall increased as BioNTech recognized revenue from collaboration agreements signed with Pfizer  (PFE) - Get Pfizer Inc. Report and Fosun Pharma as part of the company’s BNT162 vaccine program against covid-19. 

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“We made significant progress in the second quarter toward our goal of advancing our oncology programs and toward bringing a covid-19 vaccine to market as quickly as possible," Ugur Sahin, co-founder and CEO, said in a statement.

BioNTech said it had fast-track designation for the coronavirus vaccines BNT162b1 and BNT162b2 from the U.S. Food and Drug Administration,

The company said it had initiated a Phase IIb/III study for BNT162b2 in up to 30,000 participants aged 18 to 85 years at about 120 sites globally.

If successful, BioNTech and Pfizer plan to file for market authorization or regulatory approval as early as October.

Last month, BioNTech said that it and partner Pfizer would likely seek regulatory clearance of their coronavirus vaccine candidate by year-end. 

The company,  which originally focused on cancer, is one of several companies worldwide that have begun human trials of coronavirus vaccines.

At last check BioNTech American depositary receipts were 5.8% lower at $69.67.