BioNTech SE reported a surprising profit for the third quarter but said it expects to finish the year at the low end of its revenue guidance.
The Mainz, Germany-based drug developer achieved quarterly earnings of €0.81 ($0.88) per diluted share, far exceeding analyst expectations of a loss of €1.84.
Sales of €1.2 billion were also nearly three times higher than anticipated but BioNTech said it expects to finish the year nearer €2.5 billion than the €3.1 billion top end of its previous revenue guidance.
The impressive quarterly sales figures were primarily driven by early regulatory approvals in Europe and the UK for BioNTech’s variant-adapted Covid-19 vaccines, developed in partnership with Pfizer Inc (NYSE:PFE, ETR:PFE).
Following the announcement, BioNTech’s US depositary receipts rose as much as 2.2% in New York, with the stock gaining 5.63% year-to-date through Friday’s close.
BioNTech aims to transition into a global multiproduct immunotherapy company, with plans to deliver its first cancer drug by 2026 after the company has initiated two mid-stage dose optimization studies targeting small-cell lung cancer and triple-negative breast cancer, along with a mid-stage trial for an mRNA-based individualized cancer vaccine.
BioNTech plans to fund these projects through revenue from its Covid-19 vaccine business, which it expects to remain viable in the near future.