Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
Shares of BioNTech SE BNTX, -4.89% sank 6.1% toward a 2 1/2-year low in premarket trading Monday, after the Germany-based biotechnology company disclosed that it currently expects to record a charge of up to EUR900 million in the third quarter as it writes of inventory of COVID-19 vaccine Comirnaty. The disclosure comes in response to Pfizer Inc.’s PFE, -2.
Pfizer’s stock slumped 2.8% ahead of Monday’s open. Pfizer’s write-offs don’t address the Pfizer-BioNTech COVID-19 vaccine adapted to the XBB.1.5 variant. On Monday, BioNTech said it was still evaluating the potential impact of the Pfizer’s announcement, but said it expects any of its write offs to reduce 2023 revenue. BioNTech expects to release third-quarter results on Nov. 6. BioNTech’s stock has dropped 31.1% year to date through Friday, while Pfizer shares have tumbled 37.
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