Early Monday, Covid vaccine maker BioNTech (BNTX) reported adjusted better-than-expected third-quarter sales and profit. In response, BNTX stock jumped.
During the September quarter, BioNTech earned 67 euro cents per share on 895.3 million euros in sales. On average, analysts polled by FactSet expected BioNTech to report a 59-cent loss and $850.5 million euros in sales. Based on today’s exchange rates, that comes out to about 72 cents and $961.2 million, respectively.
Both metrics tumbled precipitously. Earnings skidded more than 90% and sales plummeted 74%.
The biotech company cut its expectations for the year and now expects about 4 billion euros in Covid vaccine sales — about $4.29 billion — down from 5 billion euros previously. BNTX stock analysts had expected 4.44 billion euros in sales for the year.
In premarket trading on today’s stock market, BNTX stock popped 3.7% near 99.30.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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