BioNTech says COVID-19 vaccine raised its revenue in Q1
- BioNTech reports better than expected revenue in the first 3 months of 2021.
- The German biotech company picks Singapore as South Asian headquarters.
- BioNTech forecasts £10.67 billion of revenue from COVID-19 vaccine this year.
BioNTech (NASDAQ: BNTX) said on Monday its COVID-19 vaccine that it developed jointly with the U.S. based Pfizer Inc. helped lift its revenue significantly in the first quarter. BioNTech’s was the first Coronavirus vaccine that secured authorisation from regulators.
The Nasdaq-listed shares of BioNTech were reported about 6.5% up in premarket trading on Monday. Including the price action, the stock is now exchanging hands at £140.67 per share. In comparison, it had started the year 2021 at a much lower £60.66 per share.
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BioNTech’s revenue in the first three months of 2021 printed at £1.76 billion versus the year-ago figure of a much lower £23.84 million. FactSet Consensus for its revenue in Q1 was capped at £1.46 billion.
The biotech firm’s net profit in the recent quarter registered at £970 million, compared to £45.95 million last year. Updated data in the first week of April showed BioNTech vaccine had an efficacy of over 91% after six months.
BioNTech picks Singapore as its South Asian headquarters
BioNTech picked Singapore as its South Asian headquarters on Monday, where it will produce its mRNA vaccines. CEO Ugur Sahin said:
“Having multiple nodes in our production network is an important strategic step in building out our global footprint and capabilities. With this planned mRNA production facility, we will increase our overall network capacity and expand our ability to manufacture and deliver our mRNA vaccines and therapies to people around the world.”
BioNTech reiterated today that its output capacity would hit 3 billion doses this year and more than that in 2022. On Monday, the European Union decided in favour of using the BioNTech-Pfizer vaccine over the one manufactured by AstraZeneca.
BioNTech forecasts £10.67 billion of revenue from COVID-19 vaccine
BioNTech has supplied over 450 million doses of its Coronavirus vaccines, as of May 6th, to roughly 91 countries. The German company has signed agreements to supply another 1.8 million doses in the rest of 2021.
Based on these contracts, COVID-19 vaccine-related revenue is expected at £10.67 billion. BioNTech also expressed confidence on Monday that its Coronavirus vaccine is effective against the new variants of the flu-like virus as well.
BioNTech performed massively upbeat in the stock market last year with an annual gain of roughly 100%. At the time of writing, the German biotech company is valued at £31.40 billion and has a price to earnings ratio of 2,517.27.