American depositary receipts (ADRs) of BioNTech (BNTX) tumbled over 6% in intraday trading Wednesday after the COVID-19 vaccine maker posted much lower-than-expected results and weak guidance as demand for the shots declined.

The biotech firm reported fourth quarter earnings per share (EPS) of 1.90 euros ($2.06), down from 9.26 euros a share, with revenue slumping 65% to 1.48 billion euros ($1🌃.60 billion) over the same period a year ago. Both missed forecasts.

BioNTech said that writedowns of inventory from its partner Pfizer (PFE) lowered revenue by 291.3 million euros ($315♏.9 m🍬illion) in the quarter.

Co-founder and CEO Ugur Sahin said that despite the decline, the company maintained its "leading position in the COVID-19 vaccine market," which he said laid the foundation for establishing a “sustainable respiratory vaccines business.”

In addition, he noted that BioNTech has improved 𝓰its position in cancer treatments by 𓄧entering into several partnerships and making advances in research.

The company said it anticipates full-year sales of between 2.5 billion euros and 3.1 billion euros ($2.7 billion and $3.4 billion). That🎉 was also short of estimates. 𒐪

BioNTech ADRs were down 6.2% as of 2:25 p.m. ET Wednesday, and have lost over one-fifth of their value so far in 2024.