How Good Was BioNTech’s Third Quarter Results?
BioNTech (NASDAQ: BNTX) announced its third quarter results on November 9. In this Motley Fool Live video registered on November 10, 2021Motley Fool contributors Keith Speights and Brian Orelli discuss these results.
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Keith Speights: Well Brian, we talked about this earlier, we’re still in the thick of the earnings season, and BioNTech announced its third quarter results on Tuesday. What do you think of BioNTech’s performance during the quarter and what does that outlook look like for next year?
Brian Orelli: I want to say, Pfizer (NYSE: PFE) had already signaled, and they have therefore largely spilled the bean on sales of Comirnaty. BioNTech’s revenue was 6.1 billion euros, which is roughly $ 7 billion. Then the net profit was 3.2 billion euros.
And then they have liquidity of 2.4 billion euros, or 2.8 billion dollars. But they didn’t actually get all the money Pfizer owes them. So the quarter ends, but then Pfizer will pay them for the third quarter the money they owe them in the fourth quarter. They keep track of sales because that’s the way bookkeeping works, but they haven’t received the money from Pfizer yet – or [rather], they had not done so by the end of the third trimester when they closed their books.
Then, on the clinical trial side, they started a phase 1 clinical trial with a quadrivalent influenza mRNA vaccine. They are working on it with Pfizer. They have started a phase 2 trial of BMT122 in colorectal cancer. This is a personalized cancer vaccine that they are working on with Roche on their 15 product candidates and 19 ongoing clinical trials. Most of them are still in their infancy, but they have four Phase 2 clinical trials underway.
I think the company has a lot of potential with a market cap of $ 55 billion. It still has quite a bit of vaccine sales, given the early stage of its pipeline.
Speights: When someone tries to compare, tell BioNTech to Modern, I think one of the things you really need to watch is that BioNTech has an early stage pipeline. Moderna has a CMV vaccine that is set to be tested in phase 3. So they have at least one other candidate at an advanced stage, or will soon, while BioNTech does not. Its most advanced pipeline candidates are in phase 2.
But on the other hand, BioNTech’s market cap is about half that of Moderna. You must also consider the evaluation.
Brian Orelli, PhD has no position in any of the stocks mentioned. Keith Speights owns shares of Pfizer. The Motley Fool recommends Moderna Inc. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.