Capital Allocation

PREMIUM

Analyst Note

| Karen Andersen, CFA |

Pfizer/BioNTechs COVID-19 vaccine, Comirnaty, received full approval from the U.S. Food and Drug Administration on Aug. 23 for individuals age 16 and older. Were maintaining our Pfizer and BioNTech fair value estimates. We continue to see sales reaching $35 billion in 2021 and $39 billion in 2022, followed by roughly $2 billion in annual sales beyond 2022 as we expect postpandemic annual COVID vaccines for only the most vulnerable (infants and seniors). The mRNA technology that formed the basis of the vaccine provides support to Pfizers established wide moat and also contributes to BioNTechs positive moat trend.

Company Profile

Business Description

BioNTech is a Germany-based biotechnology company that focuses on developing cancer therapeutics, including individualized immunotherapy, as well as vaccines for infectious diseases, including COVID-19. The companys oncology pipeline contains several classes of drugs, including mRNA-based drugs to encode antigens, neoantigens, cytokines, and antibodies; cell therapies; bispecific antibodies; and small-molecule immunomodulators. BioNTech is partnered with several large pharmaceutical companies, including Roche, Eli Lilly, Pfizer, Sanofi, and Genmab. Comirnaty (COVID-19 vaccine) is its first commercialized product.

Sector Healthcare

Industry Biotechnology

Most Recent Earnings Jun 30, 2021

Fiscal Year End Dec 31, 2021

Stock Type

Employees 1,941

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