Analyst Note
| Karen Andersen |We’ve raised our fair value estimate for BioNTech to $217 from $205 following solid third-quarter results, as we have raised our assumed U.S. prices for booster doses of BioNTech and partner Pfizer’s COVID-19 vaccines beginning in 2023. Management raised its 2022 revenue guidance to EUR 16-17 billion, the high end of its prior range, due to uptake of the bivalent booster and higher prices. The updated guidance is in line with our prior forecast of EUR 16.2 billion in revenue for the full year, as Pfizer/BioNTech have been able to better support the initial bivalent vaccine launch than Moderna (which has had temporary supply constraints).