BioNTech Clocked Massive Q1 Revenue Growth; Estimates COVID-19 Vaccine Revenues Of €12B

Laboratory Test Tubes

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BioNTech SE (NASDAQ: BNTX) reports Q1 FY21 revenues of €2.05 billion compared to €27.7 million a year ago. The increase was mainly due to rapidly increasing the supply of COVID-19 vaccine worldwide.

As of May 6, BioNTech and its partner Pfizer Inc (NYSE: PFE) have shipped approximately 450 million doses of its COVID-19 vaccine (BNT162b2).

BioNTech clocked operating income of €1.7 billion, a turnaround from a loss of €59.3 million a year ago. Net profit also saw a massive growth at €1.1 billion versus a loss of €53.4 million in Q1 2020.

Cash and cash equivalents stood at €891.5 million.

The company estimates COVID-19 vaccine revenues upon delivery of currently signed supply contracts of ~1.8 billion doses is expected to reach around €12.4 billion.

BioNTech expects BNT162b2 annual manufacturing capacity to reach 3 billion doses by the end of 2021 and expects to have the capacity to manufacture more than 3 billion doses in 2022.

BioNTech and Fosun Pharma are setting up a 50-50 joint venture to make and sell the COVID mRNA shot in China, with the manufacturing capacity to produce up to 1 billion doses a year.

Fosun will contribute up to $100 million of assets in cash and a manufacturing facility for the new company, while BioNTech will pour in another $100 million.

Earlier today, the company announced to set up a new mRNA manufacturing facility in Singapore that will be ready by 2023.

Price Action: BNTX shares are trading 9.1% higher at $200.5 during the premarket session on the last check Monday.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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