German biotechnology company BioNTech posted much higher sales in the first quarter. This is due to orders placed at the end of last year due to the coronavirus’s emergence of the omikron variant.
BioNTech developed a corona vaccine together with Pfizer.
BioNTech’s revenue has tripled in the first quarter of this year to nearly EUR 6.4 billion. The profit was also more than three times higher on an annual basis at 3.7 billion euros. As a result, the results were much better than analysts had generally expected.
This is because vaccination campaigns against the coronavirus only got underway in 2021. “We believe that the worldwide deployment of our vaccine has probably saved millions of lives,” said BioNTech financial director Jens Holstein.
BioNTech is still counting on a turnover of between 13 billion and 17 billion euros. That implies that the company expects sales to be lower for the rest of the year. To maintain the effectiveness of the vaccines, older people in the Netherlands, among others, are given a second booster shot.
BioNTech is investigating a modified version of its corona vaccine aimed explicitly at the omikron variant. Partly due to this, expenditure on research and development at the company increased by almost a third to 286 million euros.