BioNTech Turns To Hefty Profit In Q2 On Covid-19 Vaccine Sale; Sees Higher Revenues Ahead; Stock Up

Shares of BioNTech SE (BNTX) were gaining around 5 percent in German trading as well as in pre-market activity on Nasdaq, after the Covid-19 vaccine developer reported a hefty profit in its second quarter with strong revenue growth mainly due to rapid increases in the supply of COVID-19 vaccine worldwide.

For the second quarter, net profit was 2.79 billion euros, compared to loss of 88.3 million euros a year ago. Earnings per share were 10.77 euros, compared to loss of 0.38 euros last year.

Total revenues were 5.31 billion euros, compared to 41.7 million euros a year ago.

BioNTech and its drug development partner Pfizer Inc. (PFE) supplied more than one billion doses of Pfizer-BioNTech COVID-19 Vaccine, BNT162b2, to more than 100 countries or territories worldwide as of July 21, 2021.

The companies signed agreements for approximately 2.2 billion doses of BNT162b2 in 2021 as of July 21, 2021.

BioNTech and Pfizer expect BNT162b2 annual manufacturing capacity to reach three billion doses by the end of 2021 and expect to have capacity to manufacture up to four billion doses in 2022.

The company added that multiple clinical trials are ongoing to expand access to and authorization of BNT162b2 to additional regions and population groups, such as the studies in children from 6 months to 11 years of age, and in healthy pregnant women.

Ugur Sahin, CEO and Co-Founder of BioNTech, said, "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."

Looking ahead, the company projects COVID-19 vaccine revenues of around 15.9 billion euros for the 2021 financial year upon delivery of currently signed supply contracts of around 2.2 billion doses.

The revenue estimate reflects expected revenues from direct COVID-19 vaccine sales to customers in BioNTech's territory, expected revenues from sales to collaboration partners of products manufactured by BioNTech, and expected sales milestone payments from collaboration partners, among others.

The company added that additional revenues related to further supply contracts for deliveries in 2021 expected with first contracts already in place for 2022 and beyond.

The company projects full year 2021 manufacturing capacity targeting 3 billion doses and up to 4 billion doses for the year 2022.

In Germany, BioNTech shares were trading at 339.50 euros, up 5.08 percent.

In pre-market activity on Nasdaq, the shares were gaining around 5 percent to trade at $408.34.

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