Biontech’s net profit plunges to $555M in 1st quarter

ANKARA

German biotech firm BioNTech’s net profits plunged to €502.2 million ($555 million) in the first quarter of this year, from €3.7 billion a year ago, according to the company’s financial results on Monday.

The Mainz-based company saw revenues of €1.28 billion in January-March, tumbling from €6.38 billion in the same period last year.

“The change was mainly due to lower commercial revenues from the supply and sales of the company’s COVID-19 vaccines worldwide,” read the statement.

Its diluted earnings per share also dropped to €2.05 ($2.203) from €14.24 in the first quarter of 2022.

BioNTech estimates €5 billion in revenue from COVID-19 vaccine for the full 2023 financial year, it added.

• BioNTech