US-listed shares of the German drugmaker BioNTech (BNTX) rose about 4% in early trading Monday after the company reported better-than-expected second quarter results as it looks to regain momentum after a post-COVID slump.
BioNTech reported a loss of 1.60 euros per share, narrower than the 1.69 euro loss analysts expected, according to data from S&P Global Market Intelligence. Revenue of 260.8 million euros ($301 million) fell short of estimates of 263.68 million euros ($304 million).
In June, BioNTech announced it would partner with Bristol Myers Squibb (BMY) on a new cancer treatment.
“We aim to establish BNT327 both as a new standard of care across multiple tumor types,” BioNTech CEO Ugur Sahin said on the company’s earnings call. “We are currently advancing BNT327 across more than 10 indications, including two global registrational trials, with more planned. Our early conviction around this modality and BNT327 has put us in a strong position, and if approved, we aim to be the first or second to launch in a number of indications to patients in need.”
