It’s been a chaotic 12 months for BioNTech (BNTX). The German biotech company created the first coronavirus vaccine to win Emergency Use Authorization in the States. Its partnership with Pfizer (PFE) allowed the vaccine to be produced and given in mass quantities.
BioNTech gave the first glance at its financial results of this program when it announced fourth-quarter earnings this week. The biotech stock increased over 3% as a result. Here are some highlights from their fourth-quarter documents.
The company had revenue of 354.4 million euros. This gave a large 1,134% y/y increase. It also destroyed analysts’ estimates of around 224.9 euros.
BioNTech also announced a net profit of 366.9 million euros for the fourth quarter. This is compared to last year when the company had a net loss of 58.2 million euros.
At the end of the fourth quarter, the company had cash and cash equivalents amounting to 1.21 billion euros. Compared to the end of 2019, when the firm had only 519.1 million euros on hand.
But BioNTech’s fourth quarter results are just the beginning compared to what is happening next.
The company says it might generate revenue of almost 9.8 billion euros from its vaccine supply deals using their current estimated dosage target.
However, the biotech company also says that if it creates more supply contracts with Pfizer, its full 2021 manufacturing target could greatly increase.
BioNTech’s focus is not just the vaccine though. Co-founder and CEO Ugur Sahin said, “We see a great opportunity to reinvest the profits from our coronavirus vaccine into accelerating the development of other therapeutics to help people around the world by harnessing the full possibilities of the immune system.”
Author: Blake Ambrose