BioNTech Earnings Top Forecasts on Strong Sales of Covid-19 Vaccine

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BioNTech
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the German biotech company, reported first-quarter earnings and sales that topped Wall Street expectations.

The company, which partnered with Pfizer to develop the first Covid-19 vaccine approved for use in the U.S., earned €14.24 ($15.01) a share in the quarter from revenue of €6.37 billion.

Analysts surveyed by FactSet were expecting earnings of €9.16 a share from revenue of €4.34 billion. A year earlier, the company earned €4.39 a share, with sales of €2.05 billion.

In a press release, BioNTech said the first-quarter revenue increase “was mainly due to increased commercial revenues from the supply and sales of the company’s Covid-19 vaccine worldwide.”

BioNTech reiterated its outlook for 2022, including Covid vaccine revenue of €13 billion to €17 billion.

The company also reiterated plans announced in March for a special cash dividend of €2.00, and stock buybacks of up to $1.5 billion over the next two years. BioNTech said it had begun the first tranche of repurchases on May 2, and will buy up to $1 billion in shares this round.

BioNTech said its work with Pfizer continues on follow-on Covid vaccines, including an Omicron-adapted candidate.

American depositary receipts of BioNTech (ticker: BNTX) rose 2.1% to $139.01 in premarket trading Monday. The stock has declined 47% year to date.

Write to Joe Woelfel at [email protected]