Covid vaccine maker BioNTech reported a surprise profit and better-than-expected September-quarter sales on Monday, leading BNTX stock to surge.
During the third quarter, BioNTech earned 67 euro cents on 895.3 million euros in sales. That easily beat FactSet-polled analysts' forecast for a 59-cent loss and 850.5 million euros in sales. Based on today's exchange rates, that comes out to about 72 cents and $961.2 million, respectively.
Both metrics tumbled precipitously. Earnings skidded more than 90% and sales plummeted 74%.
On today's stock market, shares surged 4.1% to 99.71.
BNTX Stock: Guidance Cut
But there was one pockmark in the report: BioNTech cut its guidance for the year. The company now expects just 4 billion euros in sales of the Pfizer-partnered Covid shot — about $4.29 billion. That's down from BioNTech's previous guidance for 5 billion euros. BNTX stock analysts expected 4.44 billion euros in sales for the year.
Germany-based BioNTech noted fewer people are receiving primary vaccinations and population-wide boosting is much lower. But seasonal trends are likely to stoke demand peaks in the autumn and winter. The company says it's still highly dependent on revenues generated in areas where Pfizer sells the shot.
Now, BioNTech says it's focusing on areas outside its Covid vaccine.
"Our strategy focuses on assembling a diverse toolbox of complementary technologies to deliver novel therapies, aiming to improve the standard-of-care for cancer patients," Chief Executive Ugur Sahin said in a statement.
Sahin noted BioNTech has a pipeline of antibody drug conjugates, or ADCs, cancer vaccines, cell therapies and immune checkpoint modulators. All are important tools in the cancer treatment box. ADCs, in particular, have garnered interest recently following Pfizer's plan to buy Seagen for $43 billion. These drugs deliver toxic chemicals directly to tumor cells.
The earnings report sent BNTX stock within striking distance of its 50-day moving average, according to MarketSmith.com.
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