BioNTech reports strong first half, expects demand to grow
BioNTech, which teamed with Pfizer to develop the first widely used COVID-19 vaccine, has reported higher revenue and net profit in the first half of the year
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
BioNTech, which teamed with Pfizer to develop the first widely used COVID-19 vaccine, has reported higher revenue and net profit in the first half of the year and expects demand to grow as it releases updated vaccines to target new omicron strains.
The German pharmaceutical company said Monday that revenue hit about 9.57 billion euros ($9.76 billion) in the first six months of 2022, up from nearly 7.36 billion euros in the same period a year earlier. But revenue dropped to about 3.2 billion euros in the second quarter from 5.31 billion euros in April through June of last year.
BioNTech said the dynamic nature of the pandemic has led to changes in orders and revenue but that it expects a strong end to the year. It said it plans to release revamped vaccines tailored to the latest omicron variants as early as October, which could lead to a fall booster campaign.
“With our initiatives around variant-adapted COVID-19 vaccine candidates, we expect an uptake in demand in our key markets in the fourth quarter of 2022, subject to regulatory approval," Jens Holstein, chief financial officer of BioNTech, said in a press release.
Moderna, another major COVID-19 vaccine producer, also is working on updated versions of its shots to release this fall.
BioNTech expects to report revenue of 13 billion to 17 billion euros from COVID-19 vaccines this year.
The German company's net profit also was higher for the first half of the year compared with the same period of 2021 — 5.37 billion euros vs. 3.92 billion euros — and lower for the second quarter — 1.67 billion euros vs. 2.79 billion euros.
For partner Pfizer, sales of COVID-19 vaccine and treatment in the second quarter propelled the pharmaceutical giant to the largest quarterly sales in its history. It said last month that it earned $9.9 billion from April through June.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.