While many may view the pandemic as being over, the financial results of BioNTech (NASDAQ: BNTX) continue to say otherwise. The company continues to see its revenue rise on the back of vaccine sales.
BioNTech for the first quarter of 2022 reported total revenues of €6,374.6 million, versus the €2,048.4 million reported for the year ago period and the €5,532.5 million reported for the fourth quarter of 2021. The company indicated that the revenue was :mainly due to increased commercial revenues from the supply and sale of the Company’s COVID-19 vaccine worldwide.”
A significant portion of the revenue for the quarter, €4,586.9 million, was due to a gross profit share under a collaboration agreement currently in place with Pfizer and Fosun Pharma., where vaccines were sold in territories operated by the aforementioned firms. Direct sales by BioNTech meanwhile amounted to €1,163.1 million, which came from the firms territory on the vaccine. A further €603.2 million came from products manufactured by the company for collaboration partners.
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“We believe the global deployment of our vaccine has likely saved millions of lives and had a significant impact on humanity. As a result of an increased order volume initially placed in late 2021 following the then emerging Omicron variant, we began the year 2022 with strong revenues and earnings, leaving us well-positioned to achieve the 2022 financial guidance we issued a few months ago,” said CFO Jens Holstein.
Cost of sales on that revenue meanwhile amounted to just €1,294.1 million. After a further €285.8 million in R&D expenses, €90.8 in general and administrative expenses, €14.3 million in sales and marketing expenses, along with other operating expenses of €71.6 million and other operating income of €134.7 million, the company posted an overall operating income of €4,752.7 million for the three month period.
After taxes, the company reported a profit for the period of €3,698.8 million, equating to a diluted earnings per share of €14.24.
While sales were strong for the quarter, BioNTech expects the party to continue, with the company guiding to COVID-19 vaccine revenues of €13 to €17 billion for the full fiscal year. In Q1, the company and Pfizer reportedly invoiced a total of 750 million vaccine doses, while orders for 2.4 billion to be supplied in 2022 have been signed as of the end of April.
R&D expenses meanwhile are estimated to be between €1.4 and 1.5 billion, while SG&A will be between €0.45 to €0.55 billion and capital expenditures between €0.45 and €0.55 billion.
Sales on the vaccine have also been robust enough that the firm has proposed a special dividend of €2.00 per ordinary share, based on shareholders as of April 30, 2022.
The company reported cash and cash equivalents of €6,164.1 million as of March 31, 2022.
BioNTech last traded at $136.17 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
