BioNTech’s stock jumps 4.3% premarket after earnings fall but top estimates

BioNTEch SE’s stock BNTX rose 4.3% in premarket trade Monday, after the German biotech posted far stronger-than-expected first-quarter earnings, even as profit and revenue tumbled on lower demand for its COVID vaccine co-developed with Pfizer Inc. PFE. Mainz-based BioNTEch said it had net profit of 502.2 million euros, or 2.05 a share, for the quarter, down from EUR3.699 billion, or EUR14.24 a share, in the year-earlier period. Revenue fell to EUR1.277 billion from EUR6.375 billion. The FactSet consensus was for EPS of 27 cents and revenue of EUR1.061 billion. The company is still expecting EUR5 billion of COVID revenue…