BioNTech earnings drop but forecast for vaccine income grows

Nov 7, 2022, 9:14 AM | Updated: 10:12 am
A view of the logo of the BioNTech biotechnology building where production of the COVID-19 vaccine ...

A view of the logo of the BioNTech biotechnology building where production of the COVID-19 vaccine has started, in Marburg, Germany, Feb. 13, 2021. BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, has reported that third-quarter earnings are close to half what they were a year earlier. The German pharmaceutical company still raised its expectations for vaccine revenue after rolling out updated shots targeting omicron strains in September. (AP Photo/Michael Probst)

(AP Photo/Michael Probst)

BERLIN (AP) — BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, reported that its earnings in the third quarter were close to half what they were a year earlier, but the German pharmaceutical company still raised its expectations for vaccine revenue after rolling out updated shots targeting omicron strains.

The company said Monday that it made net profit of 1.8 billion euros ($1.8 billion) off revenue of 3.5 billion euros ($3.5 billion) in the three months to September, a drop from profit of 3.2 billion euros and revenue of 6.1 billion euros in the same period a year ago.

BioNTech said “the course of the pandemic remains dynamic and led to fluctuations” in earnings. Profit and revenue were largely flat in the first nine months of the year.

“Thanks to our strong execution in the third quarter of 2022, we updated our COVID-19 vaccine revenue guidance for the year 2022 to the upper end of the original range,” said Jens Holstein, CFO of BioNTech. “We started shipments of our Omicron-adapted bivalent vaccines early in September, and we expect to carry on with our deliveries throughout the fourth quarter of 2022.”

Citing those updated vaccines, the company says it expects to make 16 billion to 17 billion euros in revenue from COVID-19 vaccines vs. the previous forecast of 13 billion to 17 billion euros.

The German company splits profits and costs to make and distribute the vaccines with New York-based Pfizer.

Pfizer said last week that its COVID-19 pill treatment Paxlovid helped it balance tumbling international sales for its coronavirus vaccine and top third-quarter expectations.

BioNTech said it’s sold about 300 million doses of the updated COVID-19 vaccines that target omicron strains as of mid-October.

The company says it and Pfizer have delivered a total of about 1.6 billion doses to low- and middle-income countries. Unlike Moderna, Pfizer and BioNTech have not yet agreed to a supply deal for their latest omicron-adapted shots with COVAX, the U.N.-backed program to ship vaccines to poor countries.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FILE - Transportation Secretary Pete Buttigieg speaks before the arrival of President Joe Biden at ...
Associated Press

Companies pledge millions in fed effort to stem road deaths

WASHINGTON (AP) — Nearly 50 businesses and nonprofits — including rideshare companies Uber and Lyft, industrial giant 3M and automaker Honda — are pledging millions of dollars in initiatives to stem a crisis in road fatalities under a new federal effort announced Friday. It’s part of the Department of Transportation’s “Call to Action” campaign, which […]
4 hours ago
This grab from video released by Adani Enterprises Ltd. on Thursday, Feb.2, 2023 shows Indian billi...
Associated Press

Indian tycoon Adani hit by more losses, calls for probe

NEW DELHI (AP) — Trading in shares in troubled Adani Enterprises gyrated Friday as the flagship company of India’s second-largest conglomerate tumbled 30% and then rebounded after more than a week of heavy losses that have cost it tens of billions of dollars in market value. The debacle, which led Adani to cancel a share […]
4 hours ago
A person wearing a protective mask walks in front of an electronic stock board showing Japan's Nikk...
Associated Press

Global shares trade mixed ahead of US jobs report

TOKYO (AP) — Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7% in early trading to 7,116.31, while Germany’s DAX dipped 0.9% to 15,362.64. Britain’s FTSE 100 added 0.2% to 7,832.20. U.S. shares were set to drift lower with […]
1 day ago
FILE - Travelers wearing face masks with their luggage head to the immigration counter at the depar...
Associated Press

China, Hong Kong scrap cross-border travel quota, COVID test

HONG KONG (AP) — Travel between Hong Kong and China will no longer require COVID-19 PCR tests nor be held to a daily limit, authorities announced Friday, as both places seek to drive economic growth. Hong Kong’s tourism industry has suffered since 2019 after months of political strife that at times turned into violent clashes […]
1 day ago
Peter Ellingwood delivers heating oil, Tuesday, Jan. 31, 2023, in Farmington, Maine. On Friday, the...
Associated Press

January may have delivered lower, if still solid, job growth

WASHINGTON (AP) — The American economy has an unusual problem: The job market looks too strong — at least to the inflation fighters at the Federal Reserve. Companies are still seeking more workers and are hanging tightly onto the ones they have. Putting aside some high-profile layoffs at big tech companies like Microsoft, Google, Amazon […]
1 day ago
FILE - Attendees walk past a booth advertising 5G telecommunications services at the PT Expo in Bei...
Associated Press

Chill pervades China’s tech firms even as crackdown eases

HONG KONG (AP) — A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead. Analysts say China’s easing of restrictions on companies like e-commerce giant Alibaba and online games company Tencent and talk of support for the private […]
1 day ago

Sponsored Articles

(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
Quantum Fiber

How high-speed fiber internet can improve everyday life

Quantum Fiber supplies unlimited data with speeds up to 940 mbps, enough to share 4K videos with coworkers 20 times faster than a cable.
BioNTech earnings drop but forecast for vaccine income grows