BioNTech (NASDAQ:BNTX) stock is up more than 6% in morning trading after the vaccine developer reported stronger-than-expected first-quarter results. The German-based company developed a widely used Covid-19 vaccine in partnership with Pfizer (NYSE:PFE).
BioNTech reported this morning that its Q1 sales had soared more than 200% year-over-year to 6.4 billion euros. The company’s Q1 revenue came in nearly 2 billion euros above analysts’ average estimate, while it reported Q1 earnings per share of 14.24 euros. Analysts, on average, were expecting the drug maker to generate Q1 EPS of just 9.16 euros per share. In Q1 2021, BioNTech’s EPS was just 4.39 euros.
BNTX Stock Climbs on Covid-19 Sales Strength
BioNTech continues to expect to generate between 13 billion euros and 17 billion euros from its Covid-19 vaccine this year.
In a statement, BioNTech CEO and co-founder Ugur Sahin said, “We have enhanced our COVID-19 vaccine leadership and reported encouraging data for our first-in-human CAR-T therapy in solid tumors. Driven by our execution in innovation, we believe we are well positioned to achieve multiple product launches in the coming years, which would facilitate significant long-term growth.”
On a negative note, however, BioNTech noted that it had received 2.4 billion orders for its Covid-19 jab, a total that was unchanged since March.
According to Reuters, future orders for the company’s vaccine “will be driven by low and middle-income countries,” along with a jab tailored to the omicron variant which BioNTech is developing.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.