BioNTech,
the German pharmaceutical company that partnered with
Pfizer
to create a Covid-19 vaccine, posted a surprise earnings beat.
For the third quarter, earnings per share came in at 0.67 euros (72 cents), compared with analysts’ expectations for a loss in the period. Revenue also topped estimates, at €895 million ($173 million), though both figures were lower than a year ago.
The company also said that it wouldn’t have to take as big a hit on its Covid-19 vaccines as it thought just a few weeks ago. It said it would reduce third-quarter revenues by €508 million after Pfizer reported writedowns on their joint product. It initially said it could be about €900 million.
BioNTech (ticker: BNTX) U.S.-listed shares jumped more than 3% in premarket trading. BioNTech stock has declined 36% this year. Pfizer (PFE), which reported disappointing earnings last week, was up 0.2% in early trading Monday.
Covid-19 vaccine makers have been shunned after their meteoric rise during the pandemic. BioNTech and peers such as Pfizer and
Moderna
(MRNA) are having trouble convincing investors they are more than one-trick ponies.
BioNTech revised guidance for Covid-19 treatment revenue this year to €4 billion from €5 billion.
Write to Brian Swint at [email protected]
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