BioNTech, which collaborated with Pfizer to create a potent COVID-19 vaccine, reported increased revenue and net profit in the first half of the year.
BERLIN, Germany (AP) — BioNTech, which collaborated with Pfizer to develop a potent COVID-19 vaccine, reported higher revenue and net profit in the first half of the year and expects demand to increase as updated vaccines targeting new omicron strains are released.
The German pharmaceutical company reported Monday that revenue in the first six months of 2022 totaled approximately 9.57 billion euros ($9.76 billion), up from nearly 7.36 billion euros in the same period last year. However, revenue fell to around 3.2 billion euros in the second quarter, down from 5.31 billion euros in the same period last year.
According to BioNTech, the dynamic nature of the pandemic has caused changes in orders and revenue, but the company expects a strong end to the year. It stated that it intends to release revamped vaccines tailored to the most recent omicron variants as early as October, potentially leading to a fall booster campaign.
“With our initiatives centered on variant-adapted COVID-19 vaccine candidates, we anticipate an increase in demand in our key markets in the fourth quarter of 2022, subject to regulatory approval,” Jens Holstein, BioNTech’s chief financial officer, said in a press release.
Another major COVID-19 vaccine manufacturer, Moderna, is also working on updated versions of its shots for release this fall.
This year, BioNTech anticipates revenue from COVID-19 vaccines of 13 billion to 17 billion euros.
The net profit of the German company was also higher in the first half of the year compared to the same period in 2021 — 5.37 billion euros vs. 3.92 billion euros — but lower in the second quarter — 1.67 billion euros vs. 2.79 billion euros.
Sales of the COVID-19 vaccine and treatment by partner Pfizer in the second quarter propelled the pharmaceutical giant to its highest quarterly sales in history. It reported last month that it made $9.9 billion from April to June.
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