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 𝕴65% 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 million)🦹 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 its po🍌sition in cancer treatments by entering into several partnerships and making advances in research.

The company said it anticipates full-year sales of bet😼ween 2.5 billion euros and 3🌼.1 billion euros ($2.7 billion and $3.4 billion). That was also short of estimates. 

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.