Pfizer Inc’s German partner, BioNTech SE ( BNTX ) , reported fourth-quarter 2023 EPS of fiscal year Q4 GAAP EPS of €1.90 versus €9.26, a year ago, equivalent to $2.04 missing the consensus of $2.64.

The company’s sales came in at €1.479 billion, down €4.278 billion a year ago, equivalent to $1.59 billion for the fourth quarter of 2023, missing the consensus of $1.99 billion.

Inventory write-downs by BioNTech’s collaboration partner Pfizer ( PFE ) reduced BioNTech’s revenues by €291.3 million and €906.7 million for the fourth quarter and fiscal year 2023, respectively.

Also Read: COVAX Global Initiative For COVID-19 Vaccines Comes To An End Amid Shift To Regular Programs.

The company delivered over 400 million COVID-19 vaccine doses worldwide in 2023, including the XBB.1.5 variant-adapted monovalent COVID-19 vaccine.

The fourth quarter of 2023 net profit was €457.9 million compared to €2.28 billion a year ago.

For the full year 2023, the company reported a net profit of €0.9 billion and fully diluted earnings per share of €3.83 ($4.14), down almost 90% from €9.4 billion.

BioNTech ended 2023 with €17.7 billion in cash, cash equivalents and security investments.

Looking ahead to 2024, we will maintain a prudent capital allocation strategy as we invest and execute in our maturing pipeline and prepare for our first potential oncology launches,” said Jens Holstein, CFO of BioNTech. “Our COVID-19 vaccine franchise is expected to remain an important cash contributor in 2024.”

Guidance: BioNTech is targeting 2024 revenues €2.5 billion-€3.1 billion, depending, among other things, on regulatory developments and COVID-19 vaccine uptake, it said in a statement.

In January, BioNTech guided fiscal year 2024 sales of €3 billion.

The company aims for its first oncology launch in 2026 and ten indication approvals by 2030.

In January, BioNTech outlined priorities at the Annual J.P. Morgan Healthcare Conference and said it expects to grow its topline again in 2025.

Price Action: BNTX shares are down 5.17% at $89.25 during the premarket session on the last check Wednesday.