BioNTech Shares Jump As COVID Vaccine Boosts Profits From Earlier Estimates
BioNTech actions (BNTX) – Get a report jumped on Monday after the COVID-19 vaccine manufacturer’s second-quarter financial results exceeded consensus estimates from Wall Street analysts.
The German health care biotech company posted a profit of $ 12.67 per share from a loss of 45 cents per share in the previous year quarter.
Revenue reached $ 6.24 billion from $ 49 million.
Analysts polled by FactSet expected 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 around the world, including improving access to low and middle income countries,” said the general manager Ugur Sahin in a statement.
BioNTech shares at last check jumped 12% to $ 437. The stock is trading around its 52 week high, which is eight times its 52 week low set in early September.
The company claims to have shipped more than a billion doses worldwide in six months.
BioNTech says several clinical trials are underway, aimed at expanding the authorization of its COVID vaccine for use in children aged 6 months to 11 years and for healthy pregnant women.
The company and its vaccine partner, Pfizer (PFE) – Get a report, say a booster has the potential to preserve the highest level of efficacy and that clinical booster 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 expanded to four billion doses by 2022.
Aside from the vaccine, the company says its oncology program is progressing as well.
“We have been able to advance several oncology programs on various technology platforms that are now entering advanced stage testing, providing the potential to introduce a series of product candidates to the market in the years to come,” said Sahin.