Immunotherapy company Biopharmaceutical New Technologies or BioNTech SE (BNTX) announced Wednesday a profit for the fourth quarter that plummeted from last year, reflecting sharply lower global delivery of its COVID-19 vaccine. The company also initiated its group revenue guidance for the full-year 2024.

In Wednesday’s pre-market trading on Nasdaq, BNTX was trading at $89.23, down $4.89 or 5.20 percent.

For the fourth quarter, the company reported a net profit of 457.9 million euros or 1.90 euros per share, sharply lower than 2.28 billion euros or 9.26 euros per share in the prior-year quarter.

Total revenues for the quarter plummeted to 1.48 billion euros from 4.28 billion euros in the same quarter last year, mainly due to sharply lower demand for COVID-19 vaccines.

Inventory write-downs by BioNTech’s collaboration partner Pfizer, Inc. reduced BioNTech’s revenues by 291.3 million euros for the quarter.

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

The company noted that it expects to spend 2.4 billion to 2.6 billion euros in R&D during the 2024 financial year.

Looking ahead to fiscal 2024, the company now projects group revenues in a range of 2.5 billion to 3.1 billion euros.

BioNTech said its oncology pipeline currently contains 10 ongoing Phase 2 and 3 trials. In 2024, the Company expects to continue building its pipeline towards its planned first oncology launch in 2026. BioNTech aims to have ten oncological indication approvals by 2030.

Separately, BioNTech said its Supervisory Board appointed Annemarie Hanekamp to the Management Board as Chief Commercial Officer, effective July 1, 2024. She will join BioNTech from Novartis AG and succeed Sean Marett in this role.

Prior to Novartis, Hanekamp held a pivotal role in evolving the company’s U.S. oncology strategy at Bristol-Myers Squibb Co.

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