BioNTech tops Q3 expectations – the stock is up

BioNTech SE (NASDAQ:BNTX) reported its third quarter financial results on Monday.

The German pharmaceutical company beat both revenue and earnings per share (EPS) estimates for the quarter, sending the stock price higher.

The company reported revenue of $3.392 billion vs. $2.024 billion expected.

EPS reported at $6.841 per share vs. $3.352 per share estimate.

”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. We started shipments of our Omicron-adapted bivalent vaccines early in September and we expect to carry on with our deliveries throughout the fourth quarter of 2022,” Jens Holstein, CFO of BioNTech commented on the latest results.

”We believe in the potential of our COVID-19 franchise and plan to build on our leading position with ongoing innovations in this field. The power of our scientific innovation combined with our strong financial position allows us to accelerate and expand our diversified clinical pipeline and to create future growth in the interest of all stakeholders,” Holstein concluded.

The stock was up by around 2% during the session on Monday following the latest results, trading at $155.52 a share.

Stock performance

• 1 month: +16.38%
• 3 months: -7.00%
• Year-to-date: -38.93%
• 1 year: -35.10%

BioNTech price targets

• JPMorgan: $132
• Deutsche Bank: $250
• HC Wainwright & Co.: $272
• SVB Leerink: $224
• Morgan Stanley: $194
• Goldman Sachs: $206

BioNTech SE is the 411^th largest company in the world with a market cap of $38.46 billion.

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Sources: BioNTech SE, TradingView, Benzinga, CompaniesMarketCap