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Economic Moat




Pfizer/BioNTech Post Confirmatory COVID-19 Vaccine Data; Near-Term Emergency Authorization Likely

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Pfizer and partner BioNTech reported strong final data from the phase 3 study with COVID-19 vaccine BNT162b2, supporting an efficacy rate of 95% (previously reported over 90% at interim analysis) with no major safety issues observed. We continue to project the vaccine’s probability of full approval at 90%, supporting sales projections of EUR 13 billion in 2021. We don’t expect any major changes to our fair value estimates for Pfizer or BioNTech. The relatively rapid development of the vaccine reinforces the innovative power behind Pfizer’s wide moat and BioNTech’s positive moat trend.

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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 company's 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, and does not yet have any commercialized medicines.

An der Goldgrube 12
Mainz, D-55131, Germany
T +49 613190840
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 1,310