Monday, BioNTech SE reported a first-quarter EPS loss of 1.31 euros ($1.41 loss), a shift from an income of 2.05 euros, missing the consensus loss of 97 cents.

The COVID-19 vaccine maker reported sales of 187.6 million euros (roughly $202 million), down from 1.3 billion euros reported a year ago, missing the consensus of 427.5 million euros.

The European biotech firm posted a quarterly net loss of 315 million euros, compared with a profit of 502 million a year earlier.

“We expect to recognize approximately 90% of our full year revenues in the last months of 2024, mostly in Q4 of 2024. With a strong cash position of 16.9 billion euros, we are well positioned to invest in our innovative R&D pipeline and scale the business for commercial readiness in oncology,” said Jens Holstein, CFO of BioNTech. 

“In the past weeks, we have reported positive preliminary data for both our individualized and off-the-shelf mRNA-based candidates which further underline the potential of our iNeST and FixVac platforms. We look forward to providing more updates this year across our oncology portfolio, including our bispecific antibody and ADC programs,” said Ugur Sahin, CEO and Co-Founder of BioNTech. 

“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.”

Guidance: BioNTech said it is still targeting 2024 revenues of 2.5 billion euros to 3.1 billion euros.

Partner Pfizer Inc. ( PFE ) said last week it still expects $8 billion in combined 2024 sales of its COVID-19 products, $5 billion of which will come from BioNTech’s partnered Comirnaty-COVID-19 vaccine.

Price Action: BNTX shares are down 0.49% at $92.27 at last check Monday.