BioNTech shares soar 8% as COVID-19 vaccines drive revenue surge

Shares in BioNTech surged 8% in premarket trading on Monday, after the German biotechnology group reported first-quarter earnings. Jointly with Pfizer , BioNTech co-developed the first COVID-19 vaccine to receive the green light from regulators following large-scale clinical trials. The group reported revenue of €2.05 billion ($2.49 billion) in the first three months of the year, outpacing expectations for €1.7 billion, according to FactSet consensus. Revenue in the same period in 2020 was €27.7 million. Net profit surged €1.13 billion in the first quarter of 2021, up from €53.4 million in 2020. BioNTech said that it had supplied more than 450 million doses of its COVID-19 vaccine to 91 countries or territories as of May 6, with signed agreements for more than 1.8 billion doses in 2021. The estimated revenue from COVID-19 vaccine deliveries, based on the currently signed contracts, is €12.4 billion. The group said there was no evidence that its COVID-19 vaccine needed to be adapted to deal with variants of the virus that have been identified.

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