What happened
Shares of BioNTech (NASDAQ: BNTX) rose on Monday, following the release of the biotechnology company’s first-quarter financial results. As of 2 p.m. ET, BioNTech’s stock price was up more than 3% after rising as much as 7.3% earlier in the day.
So what
BioNTech’s revenue surged 211% year over year to 6.4 billion euros ($6.7 billion), driven by sales of the company’s COVID-19 vaccine. The German biotech shares the proceeds from the drug with its pharmaceutical partner Pfizer in most markets across the world.
BioNTech’s net profit, in turn, soared 228% to 3.7 billion euros ($3.9 billion), or roughly $15.04 per share. That was well above analysts’ estimates, which had called for per-share profits of approximately $9.71.
Image source: Getty Images.
“We believe the global deployment of our vaccine has likely saved millions of lives and had a significant impact on humanity,” CFO Jens Holstein said in a press release. “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.”
Now what
The strong start to the year has BioNTech on track to achieve its full-year financial forecast. Management expects the company to generate vaccine-related revenue of 13 billion to 17 billion euros ($13.7 billion to $18 billion) in 2022.
BioNTech intends to use a significant portion of the profits it earns from its vaccine to fund its expansive research and development program. It has 20 oncology-focused clinical trials currently underway.
BioNTech also plans to pay a special cash dividend of 2 euros ($2.11) per share and buy back as much as $1.5 billion worth of its stock over the next two years.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. –
What happened
Shares of BioNTech (NASDAQ: BNTX) rose on Monday, following the release of the biotechnology company’s first-quarter financial results. As of 2 p.m. ET, BioNTech’s stock price was up more than 3% after rising as much as 7.3% earlier in the day.
So what
BioNTech’s revenue surged 211% year over year to 6.4 billion euros ($6.7 billion), driven by sales of the company’s COVID-19 vaccine. The German biotech shares the proceeds from the drug with its pharmaceutical partner Pfizer in most markets across the world.
BioNTech’s net profit, in turn, soared 228% to 3.7 billion euros ($3.9 billion), or roughly $15.04 per share. That was well above analysts’ estimates, which had called for per-share profits of approximately $9.71.
Image source: Getty Images.
“We believe the global deployment of our vaccine has likely saved millions of lives and had a significant impact on humanity,” CFO Jens Holstein said in a press release. “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.”
Now what
The strong start to the year has BioNTech on track to achieve its full-year financial forecast. Management expects the company to generate vaccine-related revenue of 13 billion to 17 billion euros ($13.7 billion to $18 billion) in 2022.
BioNTech intends to use a significant portion of the profits it earns from its vaccine to fund its expansive research and development program. It has 20 oncology-focused clinical trials currently underway.
BioNTech also plans to pay a special cash dividend of 2 euros ($2.11) per share and buy back as much as $1.5 billion worth of its stock over the next two years.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
