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BioNTech Stock Is Trading Higher On First Annual Profit; Raises 2021 Production Target For COVID-19 Shots To 2.5B Doses

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BioNTech Stock Is Trading Higher On First Annual Profit; Raises 2021 Production Target For COVID-19 Shots To 2.5B Doses

BioNTech SE (NASDAQ: BNTXreported Q4 sales of €345.4 million compared to €28 million a year ago, primarily attributable to recognizing revenues for the first time under two new collaboration agreements to develop a COVID-19 vaccine and ultimately led to the recognition of COVID-19 vaccine commercial revenues.

Earnings: Commercial revenues comprise around €188.5 million of gross profit from COVID-19 vaccine sales in the collaboration partner’s territory, representing a net figure.

Besides, €61.4 million sales to collaboration partner of products manufactured by BNTX and €20.6 million direct COVID-19 vaccine sales to customers in Germany have been recognized.

Net profit came at €366.9 million for the quarter, a turnaround from a loss of €58.2 million last year.

Annual net profit was €15.2 million, compared to €179.2 million net loss for the comparative prior-year period.

The company ended the period with cash and cash equivalents of €1.2 billion.

COVID-19 Vaccine Forecast: BioNTech and its partner Pfizer Inc (NYSE: PFE) have signed orders of 1.4 billion doses for delivery in 2021. BioNTech said it expects €9.8 billion in revenue from the supply contracts signed already.

BNTX raised this year’s production target for the COVID-19 vaccine to as many as 2.5 billion doses, from 2 billion. Earlier this month, BNTX and PFE predicted to have the capacity to make 3 billion doses of the COVID-19 vaccine in 2022.

Also, BNTX’s chief executive predicts a version of the shot that can be stored in refrigerators will be ready within months. It expects to spend as much as €850 million on R&D activities this year.

Price Action: BNTX shares are up 4.26% at $100 on the last check Tuesday.

 

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