Pfizer (PFE) and BioNTech ((BNTX)) have agreed to supply 900 million doses of their COVID-19 vaccine, COMIRNATY, to the European Union. The agreement also provides the European Commission an option to procure an additional 900 million doses of the vaccine.
Monthly deliveries of the doses will begin in December 2021 and continue until 2023. A previous agreement had provided for 600 million doses, so this agreement brings the total number of vaccine doses to be delivered to the EU to 2.4 billion.
BioNTech CEO and Co-Founder Ugur Sahin, M.D., said, “There is growing evidence that COVID-19 will continue to pose a public health challenge for years. This contract with the European Commission will ensure sufficient doses of COMIRNATY are available for all EU citizens in 2022 and 2023.” (See BioNTech stock analysis on TipRanks)
Sahin added, “With these additional doses and our continued investments in research and development aimed at adapting our vaccine to address new and emerging variants, we will continue to make a significant impact in the EU’s efforts to protect public health.”
Additionally, the two companies agreed to supply 60 million more doses of COMIRNATY to Turkey, with an option for Turkey’s Ministry of Health to procure 30 million extra doses.
Including 30 million doses from a previous agreement, this agreement brings the total number of doses to be supplied to Turkey to 120 million, all within 2021.
On May 18, Goldman Sachs analyst Chris Shibutani initiated coverage of BioNTech with a Hold rating and a $173 price target. Shibutani believes BioNTech stock is fully valued by the market with 15% downside potential, as he awaits further clarity on the future of the COVID-19 pandemic.
Consensus among analysts is that BioNTech is a Moderate Buy based on 2 Buys and 6 Holds. The average analyst price target of $186.50 implies approximately 9% downside potential.
Shares have surged about 275.3% over the past year.
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