BioNTech soars after COVID-19 vaccine drives monster earnings beat and stronger guidance
- BioNTech soared as much as 8% on Monday after it reported a strong earning beat and raised its guidance.
- The company's earnings beat was driven by revenue derived from its COVID-19 vaccine.
- BioNTech's first quarter revenue jumped more than 7,000% year-over-year to €2 billion.
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Shares of BioNTech surged as much as 8% on Monday after the German-based company reported first quarter earnings that surpassed analyst estimates.
The company, which developed the COVID-19 vaccine being distributed by Pfizer, saw a more than 7,000% jump in revenue year-over-year, from about €27 million to €2 billion.
Here were the key numbers:
Revenue: €2.05 billion, versus analyst estimates of €1.78 billion.
Earnings per share: €4.39, versus analyst estimates of €3.06.
Profits also surged for BioNTech relative to its first quarter of 2020. The company saw net profits of about €1.1 billion in the first quarter, versus a loss of €53.4 million in the prior year.
Besides the strong earnings report, raised guidance helped drive shares higher. The company now expects €12.4 billion in 2021 revenue derived from signed contracts for around 1.8 billion COVID-19 vaccine doses. The previous estimate stood at €9.8 billion in revenue on 1.4 billion doses.
As of May 6, BioNTech has delivered 450 million doses of its vaccines. It now expects to increase its manufacturing capacity to 3 billion doses for 2021, and more than 3 billion doses for 2022.
Pfizer's earnings are also benefiting from its vaccine partnership with BioNTech. The pharmaceutical giant surged last week after it reported better than expected earnings and projected $26 billion in revenue derived from the COVID-19 vaccine in 2021, a significant jump from its previous estimate of about $15 billion.
Shares of BioNTech have reflected the better than expected earnings so far in 2021. The stock is up 145% year-to-date, based on Monday morning prices.
