BioNTech stated that the sales and profits of the first trimester more than tripled thanks to the demand for the vaccine against Covid-19 that it develops together with Pfizer, but the German company reaffirmed its forecast of a decrease in vaccine sales for the year as a whole.
Revenue for the first quarter tripled from a year ago, reaching 6.37 billion euros (about 6.73 billion dollars), as did net profit for the quarter, which amounted to 3.7 billion euros, according to a statement. Monday.
“As a result of higher order volume initially placed in late 2021 following the then-emerging (coronavirus) omicron variant, we entered 2022 with strong revenue and profit, leaving us well positioned to achieve 2022 financial targets.” said the company’s chief financial officer, Jens Holstein.
BioNTech reiterated its 2022 vaccine revenue forecast of between €13 billion and €17 billion, down from €19 billion last year, implying a decline for the rest of the year.
BioNTech based its forecast solely on actual orders in 2022, which were unchanged at about 2.4 billion doses from the March estimate.
Last week, its partner Pfizer also took into account the current order book for its forecast of Covid-19 vaccine sales in 2022, which amounts to $32 billion, up from $36.8 billion last year.
Rival Moderna was more optimistic last week, forecasting higher vaccine sales for the second half of the year than the first, as it expects demand for booster shots in the fall.
Demand for Covid-19 vaccines has decreased in North America and Europe, as most of those willing to be vaccinated have already received all three doses and further injections are only recommended for a small group of more vulnerable older people.
New orders will be driven by low- and middle-income countries and the still uncertain prospect of an omicron-adapted vaccine for a booster campaign before the northern hemisphere winter.
China has not approved BioNTech’s vaccine, despite a collaboration agreement with Shanghai Fosun Pharmaceutical and even as authorities battle the worst Covid-19 outbreaks in the country since the epidemic began.
BioNTech added Monday that it expects to have trial data on its efforts to develop an omicron-adapted vaccine in the coming weeks.
The European Union’s medicines regulator said last week that it expected to license the tailored vaccines by September, and the trials should bring more clarity in the next two months.
Vaccine developers are investigating the relative advantages of vaccines that target only one variant per injection versus those that target two.