BioNTech's Surprising Profit and Sales Beat Overshadowed by Reduced Vaccine Demand
BioNTech, the maker of the Covid vaccine, reported a surprise profit and better-than-expected sales for the third quarter. However, the company cut its guidance for the year, expecting lower sales of the Pfizer-partnered Covid shot. BioNTech is now focusing on other areas outside of its Covid vaccine, such as cancer therapies. The earnings report caused BNTX stock to surge.