BioNTech Reports Strong Q3 Revenue Growth

BioNTech SE reported a strong third quarter in 2024, achieving revenues of €1.24 billion, a significant increase from €895.3 million in the same period last year, primarily due to the successful launch of variant-adapted COVID-19 vaccines. The company also reported a net profit of €198.1 million, up from €160.6 million year-over-year. Despite this positive performance, JPMorgan has lowered its price target for BioNTech’s shares to $124 while maintaining a Neutral rating, reflecting updated estimates following Pfizer's vaccine performance. Looking ahead, BioNTech anticipates revenues for fiscal 2024 to be at the low end of its previous guidance of €2.5 billion to €3.1 billion. The company's strategic focus on advancing its oncology pipeline, including late-stage trials for cancer treatments, is seen as a promising driver for future growth. BioNTech's commitment to innovation and disciplined cost management positions it well within the competitive biotechnology sector.