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BioNTech stock jumps as COVID vaccine lifts profit past estimates

BioNTech stock jumps as COVID vaccine lifts profit past estimates
Business
Shares of BioNTech (BNTX) jumped on Monday after the COVID-19 vaccine producer’s second-quarter financial results exceeded Wall Street analysts’ consensus estimates.

The German healthcare biotechnology company swung to earnings of $12.67 (U.S.) a share from a loss of 45 cents a share in the year-earlier quarter.

Revenue reached $6.24 billion from $49 million.

Analysts surveyed by FactSet were expecting earnings of $8.87 per share on revenue of $3.83 billion.

“To address the ongoing pandemic, we are expanding the supply of our COVID-19 vaccine to more than 100 countries and regions worldwide, including enhancing access to low- and middle-income countries,” Chief Executive Ugur Sahin said in a statement.

BioNTech shares at last check jumped 12 per cent to $437. The stock is trading around its 52-week high, which is eight times its 52-week low, set early in September.

The company says it has shipped more than one billion doses worldwide in six months.

BioNTech says multiple clinical trials are in progress, aiming to expand authorization of its COVID vaccine for use with children aged 6 months to 11 years and for healthy pregnant women.

The company and its vaccine partner, Pfizer (PFE), say that a booster shot has the potential to preserve the highest level of efficacy and that clinical booster shot trials will begin this month.

BioNTech expects to be able to produce three billion doses of the vaccine by the end of 2021 with capacity expanding to four billion doses in 2022.

Outside the vaccine, the company says its oncology program is also making progress.

“We were able to advance multiple oncology programs across various technology platforms which are now entering later-stage testing, providing the potential for introducing a series of product candidates to the market in the coming years,” Sahin said.
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