BioNTech SE – ADR (NASDAQ:BNTX) stock rose 1.19% (As on May 10, 11:22:11 AM UTC-4, Source: Google Finance) after the company in the first quarter of FY 22 has reported the revenue of EUR6.4 billion compared to €2,048.4 million for the comparative prior year period. The increase was mainly due to increased commercial revenues from the supply and sales of the Company’s COVID-19 vaccine worldwide. Net profit was €3,698.8 million for the three months ended March 31, 2022, compared to €1,128.1 million for the comparative prior year period. As of March 31, 2022, cash and cash equivalents were €6,164.1 million. In addition, trade receivables remained outstanding as of March 31, 2022, mainly due to the contractual settlement of the gross profit share under the COVID-19 collaboration with Pfizer, which has a temporal offset of more than one calendar quarter.

Meanwhile, cost of sales was €1,294.1 million for the three months ended March 31, 2022, compared to €233.1 million for the comparative prior year period. The increase in cost of sales resulted mainly from the recognition of costs related to BioNTech’s COVID-19 vaccine revenues which included the share of gross profit owed to its collaboration partner Pfizer. This increase in cost of sales is additionally attributed to expenses arising from inventory write-offs and for production capacities derived from contracts with Contract Manufacturing Organizations. Research and development expenses were €285.8 million for the three months ended March 31, 2022, compared to €216.2 million for the comparative prior year period. The increase was mainly due to recognizing costs related to the production of pre-launch Omicron vaccine products as research and development expenses in the period incurred and an increase in headcount.

Additionally, the company has proposed a special cash dividend of €2.00 per ordinary share (including those held in the form of ADSs).  The Company has authorized a share repurchase program of American Depositary Shares (ADSs), pursuant to which the Company may repurchase issued and outstanding ADSs in the amount of up to $1.5 billion over the next two years. The first tranche of the share repurchase program, with a value of up to $1.0 billion, commenced on May 2, 2022.

The company reiterated COVID-19 2022 vaccine revenue guidance of €13 billion to €17 billion. The company has planned capital expenditures for fiscal 2022 to be in the range of €450 million – €550 million.