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BioNTech Rises on Revenue Jump Due to Sale of COVID Vaccine

BioNTech shares advance as COVID-19 vaccine sale drives a revenue surge.

U.S.-listed shares of BioNTech  (BNTX) - Get BioNTech SE Report rose after the German biotech major reported first-quarter revenue of €2.05 billion ($2.49 billion), led by the rapidly increasing supply of its two-shot COVID-19 vaccine produced with health-care group Pfizer  (PFE) - Get Pfizer Inc. Report.

Shares of BioNTech at last check rose 9.2% to $200.61. Pfizer shares were up 0.4% at $39.76.

For the first quarter, BioNTech swung to a profit of €1.13 billion (US$1.36 billion) from a loss of €53.4 million in the year-earlier period.

On a per-share basis, the latest profit was €4.39 versus a year-earlier loss of €0.24.

BioNTech reported revenue rose nearly 80 times to €2.05 billion (US$2.49 billion) from €27.7 million, ahead of the consensus FactSet estimate of €1.7 billion.

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Of the latest figure, nearly 85% or €1.75 billion ($2.13 billion), accounted for the sale of COVID-19 vaccine produced with Pfizer, the company said. 

BioNTech said that as of May 6 it had supplied more than 450 million doses of its COVID-19 vaccine to 91 countries and territories.

The Mainz, Germany, company is "expanding access to new populations and geographies, and addressing emerging variants,” Co-Founder and Chief Executive Ugur Sahin said in a statement.

BioNTech expects COVID vaccine capacity to reach as much as 3 billion doses by the end of 2021. And it expects to have capacity to manufacture more than 3 billion doses in 2022.

"We are moving into later-stage testing for three of our oncology programs in the near future and plan to launch multiple new products over the next five years," Sahin added. 

"Looking ahead, we will further optimize our technologies and expand our pipeline into additional therapeutic indications, as we meet our ambition to become a global, fully integrated immunotherapy company,"