BioNTech Q1 Profit Surges, Backs FY22 Revenue View; Stock Up
Shares of BioNTech SE were gaining around 3 percent in the morning trading in Germany as well as in the pre-market activity on Nasdaq after the German bio-tech company reported Monday significantly higher profit and revenues in its first quarter mainly with strong demand for Covid-19 vaccine. The company also reiterated its fiscal 2022 outlook for COVID-19 vaccine revenue.
Jens Holstein, CFO of BioNTech said, “As a result of an increased order volume initially placed in late 2021 following the then emerging Omicron variant, we began the year 2022 with strong revenues and earnings, leaving us well-positioned to achieve the 2022 financial guidance we issued a few months ago. This notable financial performance also helps us to invest heavily in research and development in the years to come fueling the potential to drive future waves of innovation and growth.”
The company continues to expect COVID-19 vaccine revenue of 13 billion euros to 17 billion euros for the full year.
The revenue estimate reflects expected revenues related to BioNTech’s share of gross profit from COVID-19 vaccine sales in the collaboration partners’ territories, from direct COVID-19 vaccine sales to customers in BioNTech’s territory and expected revenues generated from products manufactured by BioNTech and sold to collaboration partners.
Ugur Sahin, CEO and Co-Founder of BioNTech, added that the expected multiple product launches in the coming years would facilitate significant long-term growth.
For the first quarter, net profit surged to 3.70 billion euros from last year’s 1.13 billion euros.
Earnings per share were 14.24 euros or $15.972, up from last year’s 4.39 euros.
First -quarter revenues were 6.37 billion euros, up from 2.05 billion euros a year ago. The increase was mainly due to increased commercial revenues from the supply and sales of COVID-19 vaccine worldwide.
Under the collaboration agreements, territories have been allocated between BioNTech, Pfizer and Fosun Pharma based on marketing and distribution rights.
BioNTech’s commercial revenues in the quarter included 4.59 billion euros gross profit share based on COVID-19 vaccine sales in Pfizer’s and Fosun Pharma’s territories.
Further, BioNTech recognized 1.16 billion euros of direct COVID-19 vaccine sales to customers in BioNTech’s territory, Germany and Turkey, as well as 603.2 million euros sales of products manufactured by BioNTech for its collaboration partners.
BioNTech and Pfizer’s global COVID-19 vaccine supply chain and manufacturing network includes 20 manufacturing facilities across four continents.
In the first quarter, BioNTech and Pfizer have invoiced around 750 million COVID-19 vaccine doses. As of end-April 2022, the companies have signed orders for around 2.4 billion doses in 2022.
The companies are on track to deliver a total of more than two billion doses of COVID-19 vaccine to low- and middle-income countries by the end of 2022.
In Germany, BioNTech shares were trading at 134.25 euros, up 3.59 percent.
In pre-market activity on Nasdaq, BioNTech shares were trading at $139.93, a growth of 2.76 percent.
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