On Monday, BioNTech SE (NASDAQ:BNTX) reported third-quarter revenues of 1.244 billion euros (or $1.36 billion), up from 895.3 million euros a year ago.

The higher revenues in the third quarter were largely attributed to the earlier approvals received for its variant-adapted COVID-19 vaccines compared to last year.

The COVID-19 vaccine maker reported a third-quarter net profit of 198.1 million euros, up from 160.6 million euros a year ago. BioNTech reported EPS of 81 cents, up from 66 a year ago.

“We successfully launched our variant-adapted COVID-19 vaccines upon receipt of earlier approvals as compared to last year. This drove our strong revenues in the third quarter,” said Jens Holstein, CFO of BioNTech

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Guidance: BioNTech expects its revenues for the full 2024 financial year to be at the low end of the guidance range provided in its outlook of 2.5 billion euros- 3.1 billion euros

The range reflects certain assumptions and expectations, including COVID-19 vaccine uptake and price levels.

For 2024, the company has reduced its previous guidance for expected SG&A expenses from 700 million euros- 800 million euros to 600 million euros- 700 million euros.

The company expects capital expenditures of 300 million euros – 400 million euros, down from prior guidance of 400 million euros – 500 million euros.

Price Action: BNTX stock is down 2.70% at $108.47 at the last check on Monday.

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