09:21 AM EDT, 08/05/2024 (MT Newswires) -- BioNTech (BNTX) reported a wider-than-expected loss for the second quarter as global sales of the German drugmaker's COVID-19 vaccine fell amid weak demand.

The company on Monday posted a per-share loss of 3.36 euros ($3.68) for the June quarter, compared with a 0.79 euro loss the year before. The consensus on Capital IQ was for a loss of 2.01 euros a share. Revenue fell to 128.7 million euros from 167.7 million euros last year, missing the Street's view for 135.7 million euros.

The firm's Nasdaq-listed shares fell 5.8% in recent premarket trading.

Sales were primarily impacted by lower revenue from the company's COVID-19 vaccine, which it made in collaboration with Pfizer (PFE), due to reduced demand. "Our second-quarter revenues reflect the current demand of a seasonal endemic COVID-19 vaccine market and I expect it to be the low point in this year's COVID-19 vaccine uptake," Chief Financial Officer Jens Holstein said during a conference call, according to a Capital IQ transcript.

BioNTech continues to project revenue to be in a range of 2.5 billion euros to 3.1 billion euros for 2024, while the Street is looking for 2.75 billion euros. "Consistent with the expectations of approval of our variant adapted COVID-19 vaccine in the US in mid-September, we expect to recognize the vast majority of our full-year revenues mostly in (the fourth quarter)," according to Holstein. "Independent of the timing of the revenue generation and as communicated earlier in the year, we expect to report a loss for financial year."

Cost of sales fell to 59.8 million euros in the second quarter from 162.9 million euros the year prior. Research and development expenses increased to 584.6 million euros from 373.4 million euros due to clinical studies for the company's oncology pipeline candidates and personnel costs, according to the company.

The drugmaker reiterated its full-year guidance for research and development costs of 2.4 billion euros to 2.6 billion euros and selling, general and administrative expenses of 700 million euros to 800 million euros. "Those expenses are expected to increase in the second half compared to the first half of 2024," Holstein told analysts. The company is still targeting capital expenditures of 400 million euros to 500 million euros for the year.

"We have started commercializing variant-adapted COVID-19 vaccines for the upcoming season, while accelerating our clinical development efforts to realize the full potential of our technologies," Chief Executive Ugur Sahin said in a statement.

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