By BioNTech SE’s stock (BNTX) experienced a premarket rally following the company’s unexpected profit in the third quarter, coupled with revenue that surpassed expectations, despite facing lower COVID-19 vaccine revenue.
Profit and Revenue Findings
The German company reported a net profit of 160.6 million euros ($172.7 million), or 67 cents per share, compared to EUR1.785 billion, or EUR6.98 per share, during the same period last year. Revenue decreased to EUR895.3 million from EUR3.461 billion a year ago. Analysts surveyed by FactSet were projecting a loss of 59 cents per share and revenue of EUR851.0 million.
Factors Affecting Revenue
BioNTech SE disclosed that inventory writedowns by its partner Pfizer Inc. (PFE) reduced revenue for the period by EUR507.9 million. Additionally, lower COVID-19 vaccine revenue contributed to the decline in overall revenue.
Revised Guidance
The company currently expects total COVID-19 revenues for the full year to reach EUR4 billion, a decrease from its earlier forecast of EUR5 billion.
Market Performance
As of year-to-date figures, BioNTech SE’s stock has witnessed a decline of 36%, while the S&P 500 has gained 13.5%.
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