Headline : BioNTech shares slip on gloomy Covid vaccine sales outlook

Read more from the original article on here at www.cnbc.com.

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Shares of BioNTech on Monday slid by more than 6% in morning trading after the German drugmaker shared a gloomy 2023 sales outlook for its Covid vaccine jointly developed with Pfizer. 

BioNTech delivered solid quarterly earnings earlier in the morning that beat expectations but said revenue fell slightly from a year ago due to lower demand for the company's Covid vaccine, which is its only marketed product. The drugmaker expects that demand to fall further this year, forecasting Covid vaccine revenue to hit 5 billion euros, or $5.4 billion. That's a steep decline from the 17.3 billion euros, or more than $18 billion, in 2022. 

The shares initially fell by 6.4% to an intraday low of $119.98 a share before rebounding in late morning trading. By noon, the stock was down by about one percentage point.

BioNTech noted in an earnings release that its efforts to adapt the Covid vaccine to new strains of the virus are expected to increase demand for the product this year. Last fall, the company launched the world's first omicron-adapted Covid booster with Pfizer and sold roughly 550 million doses as of mid-December.  

Read more from the original article on here at www.cnbc.com.

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