BioNTech to Lift COVID-19 Vaccine Output, Expand Drug Pipeline and Global Base After First-Quarter Windfall
02:12 PM EDT, 05/10/2021 (MT Newswires) -- BioNTech (BNTX) on Monday reported first-quarter results transformed by the COVID-19 vaccine based on its novel mRNA technology and detailed plans to lift vaccine output while deploying its science and the vaccine windfall to pursue advanced cancer therapies and other vaccines from an expanded global base.
The Mainz, Germany-based immunotherapy developer reported diluted profit per share of 4.39 euros ($5.36) for the quarter through March 31, swinging from a loss of 0.24 euros a year earlier. That trounced the average analyst estimate for a GAAP profit of 3.09 euros in a Capital IQ poll. Revenue of 2.05 billion euros was up from 27.7 million euros a year earlier and above analysts' average estimate of 1.79 billion euros.
Addressing an analyst's question about recent calls to strip patent protections from COVID-19 vaccines to speed their delivery to poor countries, Chief Executive Ugur Sahin said that "would not increase short or medium-term supply of the vaccine," according to Capital IQ's transcript of the conference call.
"BioNTech has continued to execute the delivery of our COVID-19 vaccine globally to more than 90 countries and territories," Sahin said in a statement. "Through our continued innovation, we are expanding access to new populations and geographies, and addressing emerging variants. We are moving into later stage testing for three of our oncology programs in the near future and plan to launch multiple new products over the next five years."
Some 450 million doses of the COVID-19 vaccine BioNTech developed in partnership with Pfizer (PFE) have been shipped as of May 6 out of 1.8 billion ordered for delivery this year, BioNTech said. Manufacturing capacity for the vaccine is projected to reach 3 billion doses annually by the end of 2021, and to increase further in 2022, according to the company.
BioNTech said it expects to reap revenue of 12.4 billion euros from the 1.8 billion vaccine doses ordered for 2021 delivery.
On Friday, the European Commission disclosed a preliminary agreement to purchase 900 million doses of the BioNTech and Pfizer vaccine between December 2021 and 2023, BioNTech said. The same day, the two companies applied to the US Food and Drug administration for approval of the vaccine on a non-emergency basis, even as they test the efficacy of booster shots and the safety of expanding the vaccinations to those younger than 16.
On Sunday, BioNTech reached preliminary agreement with Shanghai-based Fosun Pharma on a 50/50 joint venture to manufacture the vaccine on China once it receives regulatory approval there. The company also disclosed it has selected Singapore for its regional headquarters and mRNA vaccine manufacturing plant.
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