BioNTech (BNTX) delivered upbeat Q3 2021 results driven by a rapid increase in the supply and sales of the COVID-19 vaccine. The company also had a strong quarter in its oncology pipeline as it leveraged multiple therapeutic platforms.
Based in Germany, BioNTech develops and manufactures next-generation therapies for cancer, allergies, and autoimmune disorders. Its portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies.
Revenue in the quarter climbed to €6.09 billion compared to €67.5 million delivered the same quarter last year. The increase was due to the strong sales of the BNT162b2 vaccine worldwide.
In addition, BioNTech delivered a net profit of €3.21 billion, an improvement from a net loss of €210 million delivered the same quarter last year.
For the full year, BioNTech expects revenue in the range of €16 billion and €17 billion on the shipping of 2.5 billion doses of the COVID-19 vaccine. (See Top Smart Score Stocks on TipRanks)
During the quarter, BioNTech and Pfizer delivered over 2 billion doses of the BNT162b2 COVID-19 vaccine to more than 152 countries. The two plan to offer an additional 500 million doses at a no-profit price.
BioNTech is also undertaking multiple clinical trials as it seeks to expand its COVID-19 vaccine reach. The trials seek to explore booster shots to address waning immunity. The company is also undertaking studies to evaluate variant-specific versions of the vaccine to address emerging SARS-CoV-2 variants.
During the quarter, BioNTech and Pfizer achieved significant progress on the regulatory front in the U.S. as they seek approval for COVID-19 booster doses. In Europe, the European Medicine Agency has already issued a positive opinion.
Last month, Berenberg Bank analyst Zhiqiang Shu reiterated a Buy rating on the stock with a $400 price target, implying 76.7% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on four Buys, and six Holds. The average BioNTech price target of $339.10 implies 49.8% upside potential to current levels.