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BioNTech Jumps On Strong Earnings, Asia Expansion

BioNTech stock jumped on Monday after the coronavirus vaccine maker reported better-than-expected first-quarter earnings and announced a big expansion in Asia. BioNTech earnings came in at $4.39 a share on revenue of $2.05 billion.




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On average, analysts polled by FactSet expected BioNTech (BNTX) to earn $3.57 per share on $1.77 billion in sales.

In the year-earlier period, BioNTech lost 26 cents per share and reported $30.6 million in sales. But that was before the German biotech company launched its first product, a Covid vaccine in partnership with Pfizer (PFE).

The biotech company did not provide full-year earnings and sales guidance. Analysts called for adjusted profit of $24.57 a share and $10.5 billion in sales.

BioNTech also announced plans to set up a Singapore manufacturing facility. It’ll also form a joint venture in China with Shanghai Fosun Pharmaceutical to make one billion Covid vaccine doses.

In premarket trading on the stock market today, BioNTech stock jumped 9%.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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