BioNTech (BNTX.US) stock erased early losses and rose over 1.0% on Monday even despite the fact that the biotechnology company reported a 43% decline in Q3 sales from a year ago and 44% fall in net profit.
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Diluted earnings per share in the third quarter amounted to €6.98,
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Net profit came to €1.78 billion, down from €3.21 billion in the same period in 2021. Nevertheless both metrics topped FactSet analysts’ estimates.
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Operating income came in at €2.38 billion, which is a 49% decline compared to last year.
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"Thanks to our strong execution in the third quarter of 2022, we updated our COVID-19 vaccine revenue guidance for the year 2022 to the upper end of the original range," said CFO Jens Holstein.
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Company now expects full-year Covid-vaccine revenue of €16 billion-€17 billion ($16 billion-$17 billion), from €13 billion-€17 billion previously.
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Drugmaker revealed that approximately 300 million doses of it and Pfizer’s bivalent vaccine had been invoiced as of mid-October.
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Nevertheless a lot will depend on booster demand. Recent data from Centers for Disease Control and Prevention showed that less than 10% of adults in the US have gotten an updated booster shot. Among people who turned 65 years, less than one quarter received a booster shoot.
BioNTech (BNTX.US) stock rose sharply last week following the news that China approved BioNTech’s Covid-19 vaccines for foreign residents. Positive sentiment prevails today, and as long as price sits above the 200 SMA (red line), another upward impulse may be launched towards major resistance at $184.70, which is marked with previous price reactions. Source: xStation5
