Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

BioNTech stock target cut to $91 from $100 by Goldman Sachs

EditorAhmed Abdulazez Abdulkadir
Published 21/03/2024, 09:40
Updated 21/03/2024, 09:40
© Reuters.

On Thursday, Goldman Sachs (NYSE:GS) adjusted its outlook on shares of BioNTech SE (NASDAQ:BNTX), reducing the price target to $91 from the previous $100, while retaining a Neutral rating on the stock. The move follows BioNTech's fourth-quarter earnings report, which revealed sales of its Comirnaty COVID-19 vaccine did not meet expectations. The firm reported €1.48 billion in sales against the anticipated €1.97 million and €1.84 billion by Goldman Sachs and Visible Alpha Consensus Data, respectively.

BioNTech also revised its revenue forecast for the fiscal year 2024, now projecting total revenues to fall between €2.5 billion and €3.1 billion. This estimate sits approximately 7% below the initial guidance of around €3 billion provided in January. The new forecast midpoint of €2.8 billion is slightly lower than the Goldman Sachs and consensus estimates of €2.7 billion and €3.1 billion, respectively.

The company attributed the downward revision to several factors, including recent data showing vaccination rates in the United States at about 19%, challenges with vaccine pricing in the U.S. market during the fourth quarter, and inventory write-downs. Notably, BioNTech's partner Pfizer (NYSE:PFE) took a charge of around €300 million for inventory write-downs in the fourth quarter.

Goldman Sachs views the revised guidance as a negative development for the future of BioNTech's COVID-19 vaccine franchise. Analysts anticipate that consensus estimates will likely decline in the near term due to this update.

Additionally, BioNTech's earnings per share (EPS) for the fourth quarter came in at €1.90, falling short of the Goldman Sachs and consensus projections of €2.47 and €2.33, primarily because of lower-than-expected top-line revenues.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.