Shares of BioNTech SE BNTX, -5.07% dropped 2.9% in morning trading Tuesday, reversing an earlier intraday gain of as much as 4.3%, in the wake of the Germany-based biotechnology company's better-than-expected third-quarter earnings report. The company reported before the open that it swung to net income of EUR3.21 billion ($3.72 billion), or EUR12.35 a share, from a loss of EUR210.0 million, or EUR0.88 a share, in the year-ago period, to beat the FactSet consensus for earnings per share of EUR10.54. Revenue multiplied to EUR6.09 billion ($7.05 billion) from EUR67.5 million, to beat the FactSet consensus of EUR5.10 billion, citing "rapid increases in the supply and sales of the COVID-19 vaccine worldwide." The company said it has delivered a total of more than 2 billion doses of its and Pfizer Inc.'s PFE, -1.94% COVID-19 vaccine as of Nov. 2. The company said it now expects to deliver up to 2.5 billion doses of the vaccine in 2021 for revenue of about EUR16 billion to EUR17 billion, compared with guidance provided in August of about EUR15.9 billion in vaccine revenue from the delivery of about 2.2 billion doses. The company and Pfizer expect to manufacture 2.7 billion to 3.0 billion doses of the COVID-19 vaccine by the end of the year, and expect to boost manufacturing capacity to 4 billion doses in 2022. Regarding its cancer treatment business, BioNTech said it has four programs in Phase 2 development. BioNTech's stock has tumbled 47.3% over the past three months but has still run up 189.1% year to date, while the S&P 500 SPX, -0.54% has gained 5.6% the past three months and rallied 24.7% this year.