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BioNTech triples key financial results in the first quarter

German biotechnology company BioNTech performed well in the first quarter. However, it expects a reduction in demand by the end of the year.

The company’s earnings were boosted by demand for its covid-19 vaccines, which it produces in partnership with US company Pfizer. BioNTech’s total revenues rose to €6.37 billion from €2.05 billion reported a year earlier. Net profit rose to €3,698 from €1,128. Another important metric, Diluted Earnings per Share, rose to €14.24 from €4.39 a year earlier.

But at the same time, the German company confirmed in today’s press release that it expects vaccine sales to decline for the whole year.

Outlook and competition

BioNTech reiterated that it expects to sell between 13 billion and 17 billion euros worth of vaccines for the full year. That’s down from last year when the company earned 19 billion euros in vaccine sales. As in previous quarters, the company’s outlook is based only on firm orders for this year, which amount to 2.4 billion doses. Last year, the firm delivered 2.6 billion doses.

BioNTech and Pfizer are now continuing to investigate possible versions of the current covid-19 vaccine. The German firm expects to have an update on clinical trial data for a new vaccine targeting the omicron variant in the coming weeks.

BIONTECH Inc. Coronavirus vaccine

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Rival US company Moderna was more optimistic in its outlook last week, predicting higher vaccine sales for the second half of the year than in the first half. The firm expects demand for re-vaccination in the autumn and the possibility of further deterioration around the pandemic.

Beyond covid-19 vaccines, BioNTech is investing heavily in its broader mission, which includes creating breakthrough cancer drugs, and plans to spend between €1.4 billion and €1.5 billion on research and development this year. The company said the forecast does not include potential mergers and acquisitions or other collaborations it may enter into this year.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...

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