BioNTech (BNTX) 2020 Q4 Earnings Report

BioNTech SE (NASDAQ:BNTX) was founded by two scientists named Ugur Sahin and Özlem Türeci with the vision of developing individualized cancer immunotherapy. Nevertheless, the German biotechnology company came into the spotlight in 2020 after it joined hands with Pfizer to develop a vaccine against Covid-19. The collaboration turned out to be fruitful after their vaccine, called BNT162b2, received emergency use authorization in several countries around the world.

Much of BioNTech’s growth over the past year has been driven by developments related to BNT162b2. BioNTech stock’s value jumped nearly 160 percent in 2020. The stock is expected to gain further value this year as the company receives its share of the revenue from the sale of Covid-19 vaccine. Meanwhile, the capital will also help BioNTech to focus on its vision of developing cutting-edge cancer treatments.

If we look at its financial performance, BioNTech recently reported a profit of 366.9 million euros for the fourth quarter ended December 31, versus a loss of 58.2 million euros in the comparable period of 2019. Revenue for the quarter skyrocketed to 345.4 million euros, as compared to 28 million euros in the same quarter of 2019. The revenue was mainly fueled by sales of its Covid-19 vaccine.

Commenting on the results, CEO Ugur Sahin said in a statement, “2020 was a transformational year for BioNTech with the development and approval of the first mRNA drug in history. As of March 2021, we had delivered more than 200 million doses of our vaccine to more than 65 countries and regions together with our partners, and we are already seeing the first signs of vaccine-associated reduction of COVID-19 cases and mortality in multiple countries.”

BioNTech also announced that the BNT162b2 vaccine has been approved for emergency use in more than 65 countries following successful Phase 3 trials, which shows safety and efficacy in preventing the virus.

See also 10 Best Vaccine Stocks To Buy.