BIONTECH: With receding COVID, it’s time to look at the oncology pipeline | | USD296 VS. USD359 (+85%)
BIONTECH - | USD296 VS. USD359 (+85%)With receding COVID, it’s time to look at the oncology pipeline
We take an opportunity to revise our financial model and our investment thesis for BioNTech. While we still see the stock being driven by COVID news (vaccine booster market discussions) in the near-term, we believe it is time to put a spotlight back on the oncology franchise, which has been the initial focus of the company in the pre-COVID era. Although we expect the newsflow in 2022 to stay fairly light for oncology assets, we note that the company has a significant amount of fuel to speed up developments on that end. As per COVID vaccine, we project revenues to stay in line with FY2022 financial guidance as western countries are saturated with booked orders and developments in China are still under question. Following model updates and adjustments for depressed biotech market, we lower our TP to USD296. Keeping a positive look over the longer term, we reiterate BUY.
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