Early Monday, Covid vaccine maker BioNTech (BNTX) reported adjusted better-than-expected third-quarter sales and profit. In response, BNTX stock jumped.
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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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