Cautious Outlook for BioNTech SE Amid Revenue Shortfall and Oncology Pipeline UncertaintyWe are updating our model to trim Comirnaty estimates and align with FY25 guidance (€1.7M - €2.2M total revs, €2.6M - €2.8M R&D, €650M - €750M SG&A, and €250M - €350M CapEx). We expect Pfizer/BioNTech will maintain their ~60% market share in the US moving forward and at least a ~75% share in the EU in FY25+ but arelowering our near-term COVID-19 sales. We now model €4.2B (-€60M), €4.2B (-€117M), €4.2B (-€118M), and €4.3B (-€119M) in FY25-‘28 global Comirnaty sales which would yield €2.0B (-€17M), €1.9B (-€43M), €2.0B (- €44M), and €2.0B (-€44M) in sales to BioNTech.