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. BioNTech U.S.-listed shares jumped more than 2% in premarket trading. The company’s stock has declined 36% this year. Just three weeks ago, BioNTech said it was writing down more than $900 million on its Covid-19 vaccines because of lower demand. Pfizer also had to write down Covid-19 supplies and reported disappointing earnings last week.
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