Skip to Content
Stock Analyst Update

BioNTech Reports Solid Fourth-Quarter Results

We intend to modestly raise our fair value estimate based on this near-term strength as its COVID-19 vaccine was the highlight of the quarter.

Mentioned: ,

No-moat BioNTech (BNTX) reported solid fourth-quarter results, bringing full-year revenue to about $482 million, above Factset consensus expectations and representing 344% growth from 2019. Unsurprisingly, its COVID-19 vaccine, Comirnaty/BNT162b2 (partnered with Pfizer (PFE) and Fosun Pharma), was the highlight of the quarter, as strong commercial revenue drove the company to its first year of net profits and largely surpassed our expectations on the bottom line. We are maintaining our no-moat rating and intend to modestly raise our $76 per share fair value estimate based on this near-term strength as we roll forward our valuation model.

After receiving approval for emergency use in December 2020, BNT162b2 generated over $300 million in commercial revenue. For the full year, management expects vaccine-related revenue to hit at least $9.8 billion based on its current supply deals, which amounts to roughly 1.4 billion doses. While this exceeds our model's expectations, we recognize that a fair amount of upside exists. The company and its partners are likely to secure additional supply contracts, as access to the vaccine broadens across geographies and populations. In addition, we’d like to note that the company increased its manufacturing capacity target to 2.5 billion doses from 2 billion for 2021, which would provide additional revenue streams. The company also increased its operating spend in 2020, with research and development costs nearly tripling for the year to $645 million. 2021 guidance for expenses remains elevated, as the company intends to aggressively support its pipeline development beyond mRNA.

Turning to its pipeline in oncology, we look forward to top-line updates from BNT311 and BNT312, two bio-specific antibodies, currently under phase 1/2 trials, and we expect for several of its candidates, such as BNT111 for advanced melanoma and BNT113 for HPV 16+ head and neck cancer, to initiate phase 2 trials in 2021. 

Morningstar Premium Members gain exclusive access to our full analyst reports, including fair value estimates, bull and bear breakdowns, and risk analyses. Not a Premium Member? Get this and other reports immediately when you try Morningstar Premium free for 14 days.

Damien Conover does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.