12:11 PM EDT, 05/06/2024 (MT Newswires) -- BioNTech (BNTX) on Monday swung to a first-quarter loss as the German drugmaker's revenue tumbled more than expected year-on-year due to lower commercial sales of its COVID-19 vaccine.

The company posted a per-share loss of 1.31 euros ($1.41) for the March quarter, compared with earnings of 2.05 euros the year before. The consensus on Capital IQ was for a loss of 1.53 euros a share. Revenue slumped to 187.6 million euros from 1.28 billion euros, missing the Street's view for 372.3 million euros.

Sales were primarily impacted by lower commercial revenue from the firm's COVID-19 vaccine, which it made in collaboration with Pfizer (PFE), due to reduced demand. The consolidated revenue figure "is consistent with our internal expectations for the period and reflects the seasonality that we expect in endemic environment for our COVID-19 vaccine," Chief Financial Officer Jens Holstein said during a conference call, according to a Capital IQ transcript.

BioNTech continues to anticipate revenue to be in a range of 2.5 billion euros to 3.1 billion euros for the 2024 full year, while the Street is looking for 2.79 billion euros. "Our group revenues will continue to be driven largely by the uptake of our COVID-19 vaccines until oncology revenues will be recognized," according to Holstein. "We expect to recognize approximately 90% of our full-year revenues in the last months of 2024, mostly in (the fourth quarter)."

Cost of sales fell to 59.1 million euros in the first quarter from 96 million euros the year prior. Research and development expenses increased to 507.5 million euros from 334 million euros due to clinical studies and related personnel costs, Holstein said on the call.

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 gradually increase quarter-by-quarter until year-end," Holstein told analysts. The company is still targeting capital expenditures of 400 million euros to 500 million euros for the year.

"In the remainder of the year, we plan to develop and commercialize a variant-adapted COVID-19 vaccine and accelerate our clinical development activities towards realizing the full potential of our oncology pipeline with a view to becoming a commercial company with marketed medicines for cancer and infectious diseases," Chief Executive Ugur Sahin said in a statement.

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