COMPANY NEWS IN BRIEF
BioNTech expecting billions in revenue
Germany's BioNTech SE said the Covid-19 vaccine it is developing with partner Pfizer will likely generate up to 17 billion euros (US$19.6 billion) in revenues this year, as booster shots take hold and use in children increases.
Based on planned deliveries of up to 2.5 billion doses so far, BioNTech said in a statement on Tuesday that it expects 16 billion to 17 billion euros in revenue accruing to it from the vaccine this year.
That was up from a forecast in August of 15.9 billion euros based on deliveries plus an order backlog of about 2.2 billion doses at the time. That figure includes milestone payments from partners and a share of gross profit in its partners' territories, the company added.
Pfizer, for its part, last week said it expected to book US$36 billion in 2021 sales of the Covid-19 vaccine and forecast another US$29 billion from the shot in 2022, topping analyst estimates for both years.
The company reiterated that no clinical data so far suggested the need for a new vaccine that addresses the highly contagious delta variant, or any other current variant, given the efficacy of two or three shots of its established product. -Nampa/Reuters
Airbnb launches translation tool
Airbnb Inc on Tuesday announced a slew of new features including a translation tool and expanded insurance for hosts as easing Covid-19 curbs send more people to its home-rental app.
The features, aimed at rising cross-border travel and longer stays, will help Airbnb further capitalize on a pandemic-driven shift in consumer preference towards non-urban destinations and alternative accommodations.
Airbnb said more than 100 000 guests had stayed continuously on its rentals for at least three months in the past year. Its "AirCover" insurance will offer hosts protection for pet damage as global searches surge on its platform for pet-friendly listings.
The company's translation engine will be able to translate listing descriptions and reviews in 60 languages and is expected to launch later this year, helping it take advantage of the cross-border travel resurgence.
Months of pent-up demand triggered a major spike in bookings to the United States on Monday, as the country lifted pandemic-driven travel curbs imposed in early 2020.-Nampa/Reuters
Panera Bread to go public again
Panera Bread plans to return to public markets through a U.S. initial public offering backed by Shake Shack founder Danny Meyer's blank-check company, the latest in a flurry of restaurant listings this year as dining out returns.
Meyer himself will directly invest in the Panera Bread owner at the time of the IPO, Panera Brands said on Tuesday, and become the lead independent director of the company's board.
Typically, special purpose acquisition companies (SPAC) are shell firms raised with the intent of later merging with a private entity to take it public. In the case of Panera, Meyer's USHG Acquisition Corp will invest following the IPO.
After the listing, a unit of Panera Brands will merge with USHG Acquisition for US$287.5 million and the proceeds will be invested in the restaurant chain owner.
The IPO plan comes four years after European investment firm JAB Holdings took Panera private in a deal valued at about US$7.5 billion, with the sandwich chain's return coming at a time when people are heading to restaurants again after months of ordering in during lockdowns. -Nampa/Reuters
Nissan triples profit forecast
Nissan tripled its full-year net profit forecast on Tuesday as it rebounded from the impact of the pandemic with a strong quarterly performance, saying it expected to withstand challenges including the global chip crunch and rising raw material prices.
The firm now projects 180 billion yen (US$1.6 billion) in net profit for the fiscal year to March 2022, up from an earlier estimate of 60 billion yen. Nissan's last yearly net profit in the black was in 2018-19.
For the three months to September, Nissan logged a 54.1-billion-yen net profit, reversing a 44.4-billion-yen net loss for the same period last year.
"Our strong results are the outcome of diligent financial management, improved quality of sales and continuing product offensive. This has helped us withstand several headwinds," Nissan CEO Makoto Uchida said in a statement.
The firm has faced a series of trials in recent years, including weak demand during Covid-19 lockdowns and the fallout from the arrest of former boss Carlos Ghosn, now a fugitive in Lebanon. -Nampa/Reuters
TSMC, Sony to invest US$7 bln
Taiwan Semiconductor Manufacturing Co (TSMC) said on Tuesday it would build a US$7 billion chip plant in Japan with Sony Group, a move that was welcomed by the Japanese government.
Construction of the factory, which local media said last month would supply semiconductors to Sony's image sensor business, will begin in 2022, with production slated to begin at the end of 2024, the companies said in a press release.
The decision marks a success for Japanese industry ministry officials, who want world No.1 contract chipmaker TSMC to build plants to supply chips to Japan's electronic device makers and auto companies as trade friction between the United States and China threatens to disrupt supply chains and demand for the key component grows.
"The fab plant is expected to directly create about 1 500 high-tech professional jobs and to have a monthly production capacity of 45 000 12-inch wafers," Sony and TSMC said.
The plant will produce 22-nanometer and 28-nanometer chips to address strong global demand for speciality chip technologies, they said. -Nampa/Reuters
Germany's BioNTech SE said the Covid-19 vaccine it is developing with partner Pfizer will likely generate up to 17 billion euros (US$19.6 billion) in revenues this year, as booster shots take hold and use in children increases.
Based on planned deliveries of up to 2.5 billion doses so far, BioNTech said in a statement on Tuesday that it expects 16 billion to 17 billion euros in revenue accruing to it from the vaccine this year.
That was up from a forecast in August of 15.9 billion euros based on deliveries plus an order backlog of about 2.2 billion doses at the time. That figure includes milestone payments from partners and a share of gross profit in its partners' territories, the company added.
Pfizer, for its part, last week said it expected to book US$36 billion in 2021 sales of the Covid-19 vaccine and forecast another US$29 billion from the shot in 2022, topping analyst estimates for both years.
The company reiterated that no clinical data so far suggested the need for a new vaccine that addresses the highly contagious delta variant, or any other current variant, given the efficacy of two or three shots of its established product. -Nampa/Reuters
Airbnb launches translation tool
Airbnb Inc on Tuesday announced a slew of new features including a translation tool and expanded insurance for hosts as easing Covid-19 curbs send more people to its home-rental app.
The features, aimed at rising cross-border travel and longer stays, will help Airbnb further capitalize on a pandemic-driven shift in consumer preference towards non-urban destinations and alternative accommodations.
Airbnb said more than 100 000 guests had stayed continuously on its rentals for at least three months in the past year. Its "AirCover" insurance will offer hosts protection for pet damage as global searches surge on its platform for pet-friendly listings.
The company's translation engine will be able to translate listing descriptions and reviews in 60 languages and is expected to launch later this year, helping it take advantage of the cross-border travel resurgence.
Months of pent-up demand triggered a major spike in bookings to the United States on Monday, as the country lifted pandemic-driven travel curbs imposed in early 2020.-Nampa/Reuters
Panera Bread to go public again
Panera Bread plans to return to public markets through a U.S. initial public offering backed by Shake Shack founder Danny Meyer's blank-check company, the latest in a flurry of restaurant listings this year as dining out returns.
Meyer himself will directly invest in the Panera Bread owner at the time of the IPO, Panera Brands said on Tuesday, and become the lead independent director of the company's board.
Typically, special purpose acquisition companies (SPAC) are shell firms raised with the intent of later merging with a private entity to take it public. In the case of Panera, Meyer's USHG Acquisition Corp will invest following the IPO.
After the listing, a unit of Panera Brands will merge with USHG Acquisition for US$287.5 million and the proceeds will be invested in the restaurant chain owner.
The IPO plan comes four years after European investment firm JAB Holdings took Panera private in a deal valued at about US$7.5 billion, with the sandwich chain's return coming at a time when people are heading to restaurants again after months of ordering in during lockdowns. -Nampa/Reuters
Nissan triples profit forecast
Nissan tripled its full-year net profit forecast on Tuesday as it rebounded from the impact of the pandemic with a strong quarterly performance, saying it expected to withstand challenges including the global chip crunch and rising raw material prices.
The firm now projects 180 billion yen (US$1.6 billion) in net profit for the fiscal year to March 2022, up from an earlier estimate of 60 billion yen. Nissan's last yearly net profit in the black was in 2018-19.
For the three months to September, Nissan logged a 54.1-billion-yen net profit, reversing a 44.4-billion-yen net loss for the same period last year.
"Our strong results are the outcome of diligent financial management, improved quality of sales and continuing product offensive. This has helped us withstand several headwinds," Nissan CEO Makoto Uchida said in a statement.
The firm has faced a series of trials in recent years, including weak demand during Covid-19 lockdowns and the fallout from the arrest of former boss Carlos Ghosn, now a fugitive in Lebanon. -Nampa/Reuters
TSMC, Sony to invest US$7 bln
Taiwan Semiconductor Manufacturing Co (TSMC) said on Tuesday it would build a US$7 billion chip plant in Japan with Sony Group, a move that was welcomed by the Japanese government.
Construction of the factory, which local media said last month would supply semiconductors to Sony's image sensor business, will begin in 2022, with production slated to begin at the end of 2024, the companies said in a press release.
The decision marks a success for Japanese industry ministry officials, who want world No.1 contract chipmaker TSMC to build plants to supply chips to Japan's electronic device makers and auto companies as trade friction between the United States and China threatens to disrupt supply chains and demand for the key component grows.
"The fab plant is expected to directly create about 1 500 high-tech professional jobs and to have a monthly production capacity of 45 000 12-inch wafers," Sony and TSMC said.
The plant will produce 22-nanometer and 28-nanometer chips to address strong global demand for speciality chip technologies, they said. -Nampa/Reuters
Comments
Namibian Sun
No comments have been left on this article