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BioNTech Stock Pops As Company Projects $11.5 Billion In Covid Vaccine Sales

BioNTech stock jumped Tuesday after the company projected $11.5 billion in Covid vaccine sales based on its existing contracts.

The German biotech company and Pfizer (PFE) partner also increased its outlook for 2021 doses to 2.5 billion. That was due, in part, to an update in drug labeling that allows the companies to squeeze out more doses per vial.

BioNTech (BNTX) Chief Executive Ugur Sahin noted the company has delivered more than 200 million doses of the vaccine to 65 countries and regions.

"2020 was a transformational year for BioNTech with the development and approval of the first (messenger RNA) drug in history," he said in a written statement. "We will continue to focus on innovating in the Covid-19 field by advancing new formulations and addressing vaccine variants, as well as initiating new trials in additional sub-populations."

On today's stock market, BioNTech stock popped 8.9% to 104.44.

BioNTech Stock Rises On 2021 Outlook

BioNTech says it currently has about 1.4 billion doses of its Covid-19 vaccine tied up in contracts — leading to its projection for $11.5 billion in sales. The company expects to add additional supply contracts in 2021.

In comparison, Pfizer has said it expects to generate $15 billion in Covid-19 vaccine revenue this year. Moderna (MRNA) has called for $18 billion.

That follows a strong 2020 for BioNTech. The company reported roughly $317.4 million in full-year Covid vaccine sales. Total revenue for the year came in at nearly $566 million, based on Tuesday's exchange rates. That dwarfed 2019 when sales were $127.4 million.

But early Tuesday, BioNTech stock was sandwiched between its 50-day and 200-day moving averages, according to MarketSmith.com. Shares also have a middling Relative Strength Rating of 61 on IBD Digital. The RS Rating tracks a stock's 12-month performance. This puts BioNTech below the top one-third of all stocks.

03/31/2021

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