By Dhirendra Tripathi
Investing.com – Shares of BioNTech SE (NASDAQ:BNTX) rose more than 8% in Monday's premarket after the Covid-19 vaccine developer smashed all estimates in the March quarter.
The German pharmaceutical company said it would set up a regional headquarters in Singapore, including a manufacturing facility in the city state.
The company on Sunday unveiled a 50-50 joint venture with China's Fosun Pharma to make its Covid vaccine in the world's most populous country.
Total revenue of 2.04 billion euro ($2.48 billion) for the three months ended March 31 compared to 27.7 million euro in the same period a year ago.
The jump in revenue helped BioNTech swing to a net profit of 1.12 billion euro in the March quarter from a net loss of 53.4 million euro in the same period a year ago.
The company reported continuing and robust demand for its Covid-19 vaccine.
Along with its partners Pfizer (NYSE:PFE) and Fosun, it has signed agreements to make billions of doses. BioNTech expects its Covid-shot annual manufacturing capacity to reach 3 billion doses by the end of 2021, and expects to have capacity to make more than 3 billion doses in 2022.
Under the collaboration agreements, territories have been allocated between BioNTech, Pfizer and Fosun based on marketing and distribution rights for Covid shots.