BioNTech Stock Rises as Earnings Beat Expectations. Covid-19 Vaccine Sales Helped.

BioNTech has joined with Bristol Myers Squibb to develop a new cancer medicine. (dreamstime)

BioNTech stock was rising after the drugmaker reported better-than-expected results on Monday.

In early trading, the Germany-based company’s American depositary receipts were up 5.6%, to $113.31. German-listed shares climbed 5.4% in midday trading.

BioNTech’s second-quarter earnings came in at a loss of 1.60 euros a share on revenue of €261 million ($302.1 million), beating analysts’ expectations of a per-share loss of €2.28 on revenue of €151 million, according to FactSet.

Revenue doubled from €129 million a year ago, driven by its Covid-19 collaboration with Pfizer, the drugmaker said. Lower operating expenses also helped reduce the loss, it added.

Like many other companies selling Covid-19 products, BioNTech shares spiked in 2021, but have struggled to keep that momentum going in recent years as demand has declined.

In June, BioNTech said it is joining with Bristol Myers Squibb to develop a new type of cancer treatment.

“With the strategic [Bristol Myers Squibb ] collaboration we will further strengthen our topline and cash position,” CFO Ramón Zapata said in a statement Monday.

The company continues to see full-year revenue between €1.7 billion and €2.2 billion.

BioNTech has also said earlier this year it would buy smaller biotech CureVac for $1.25 billion, in an attempt to further diversify its drug pipeline and boost its cancer drug portfolio.

Write to Elsa Ohlen at elsa.ohlen@barrons.com