Covid-19 vaccine maker BioNTech SE has reported better-than-expected earnings, exceeding analyst estimates for the first quarter.
Sales of €1.28 billion ($1.4 billion) surpassed the €1.1 billion average estimate, while earnings per share reached €2.05, well above the projected $0.69.
With revenue from Covid vaccines falling 80% during the first quarter, BioNTech is pivoting to allocate its financial resources toward developing experimental medicines for other infectious diseases and challenging cancers.
The biotech company plans to kick off its first late-stage trial for a cancer therapy later this year, evaluating an antibody treatment licensed from OncoC4 Inc. The company has also initiated an early-stage trial for mRNA vaccines targeting tuberculosis, a disease responsible for an estimated 1.6 million deaths in 2021.
BioNTech plans to parlay its mRNA technology to develop next-generation versions and adapt the vaccine to combat future coronavirus variants.
Despite the World Health Organization (WHO) lowering the pandemic's emergency level, it emphasized the ongoing need for long-term management of Covid-19, leading BioNTech to reiterate its sales forecast of approximately €5 billion from Covid vaccines by 2023.
US-listed shares of BioNTech gained 2.7% in premarket trading Monday in New York.
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