BioNTech, the German pharmaceutical company that partnered with Pfizer to create a Covid-19 vaccine, posted a surprise earnings beat.
For the third quarter, earnings per share came in at 0.67 euros , compared with analysts’ expectations for a loss in the period. Revenue also topped estimates, at €895 million , though both figures were lower than a year ago. The company also said that it wouldn’t have to take as big a hit on its Covid-19 vaccines as it thought just a few weeks ago. It said it would reduce third-quarter revenues by €508 million after Pfizer reported writedowns on their joint product. It initially said it could be about €900 million.
BioNTech U.S.-listed shares jumped more than 3% in premarket trading. BioNTech stock has declined 36% this year. Pfizer , which reported disappointing earnings last week, was up 0.2% in early trading Monday. Covid-19 vaccine makers have been shunned after their meteoric rise during the pandemic. BioNTech and peers such as Pfizer and Moderna are having trouble convincing investors they are more than one-trick ponies.Write to Brian Swint at brian.swint@barrons.com
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