BioNTech Revenues Triple in the First Quarter

BioNTech
1Q Revenues: €6.4 billion (up from €2.0 billion 1Q21)
1Q Earnings: €3.7 billion (up from €1.1 billion 1Q21)
Comments: Growth in the quarter due to increased commercial revenues from the supply and sales of the company’s COVID-19 vaccine worldwide. Under the collaboration agreements, territories have been allocated between BioNTech, Pfizer and Fosun Pharma based on marketing and distribution rights. During the quarter, BioNTech’s commercial revenues included €4.6 billion gross profit share (€1.5 billion gross profit share and €247.2 million in sales milestones during 1Q21). 
 
BioNTech also recognized €1.2 billion of direct COVID-19 vaccine sales to customers in BioNTech’s territory, Germany and Turkey, as well as €603.2 million sales of products manufactured by BioNTech for its collaboration partners (€199.8 million and €63.9 million, respectively during the comparative prior year period).
 
R&D expenses were €285.8 million in the quarter, compared to €216.2 million in 1Q21. The increase was mainly due to recognizing costs related to the production of pre-launch Omicron vaccine products as R&D expenses in the period incurred and an increase in headcount. The increase was partly offset by lower R&D expenses related to the Company’s COVID-19 vaccine program as compared to 1Q21.
 
Pipeline Update:
First-in-class CAR-T program targeting CLDN-6 (BNT211) in solid tumors showed manageable safety profile and signs of clinical activity; preliminary Phase 1/2 data. Continued pipeline expansion to 16 clinical stage oncology programs in 20 ongoing clinical trials.