01:07 PM EST, 11/04/2024 (MT Newswires) -- BioNTech (BNTX) said on Monday that it expects full-year revenue at the low end of its guidance due in part to inventory write-downs, even as variant-adapted COVID-19 vaccines helped the German drugmaker advance third-quarter results year over year.

BioNTech expects to be at the bottom end of its 2.5 billion euros ($2.72 billion) to 3.1 billion euros revenue guidance. Five analysts surveyed by Capital IQ are modeling for revenue of 2.6 billion euros in the ongoing year.

"Our guidance reflects some risk of write-downs and other charges by our collaboration for the Pfizer ( PFE ) ," estimated to be approximately 10% of company revenues, Chief Financial Officer Jens Holstein told analysts on a conference call, according to a Capital IQ transcript.

"We will continue to monitor the risk of potential write-downs to determine the full scope of charges related to the 2024, 2025 vaccination season," he said. BioNTech continues to expect a loss for the year, Holstein told analysts.

BioNTech reiterated its 2024 research and development expense guidance of 2.4 billion euros to 2.6 billion euros. The company reduced its 2024 forecast ranges for both selling, general and administrative expenses, as well as for capital expenditures, by 100 million euros each.

Revenue rose to 1.24 billion euros for the three months ended Sept. 30 from 895.3 million euros the year earlier. Earnings per share increased to 0.81 euros from 0.66 euros year over year.

Revenue growth was driven by variant-adapted COVID-19 vaccines launched by BioNTech and Pfizer ( PFE ), Holstein said in a statement.

"Our cost discipline in combination with our financial position allow us to continue to focus on those assets that we believe offer a fast path to market and the highest potential to generate value for patients and shareholders," he said.

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