BioNTech posts revenues well ahead of expectations
German biotech BioNTech (Nasdaq: BNTX) saw its shares close up 15% at $447.23 on Monday, after it provided an update on its corporate progress and reported financial results for the second quarter ended June 30, 2021.
Total revenues for the period were estimated to be 5,308.5 million euros ($6.24 billion), compared to 41.7 million euros for the three months ended June 30, 2020, and well exceeded consensus estimates of 3.3 billion euros. Revenues were driven by 4.1 billion euros gross profit sharing with partner Pfizer (NYSE: PFE) on their jointl- developed COVID-19 vaccine, Comirnaty/BNT162b2, as well as 1 billion euros from BioNTech’s direct sales in Germany and Turkey,
Net profit was 2,787.2 million euros for the three months ended June 30, 2021, compared to an 88.3 million-euros net loss for the like period of 2020.
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