German pharmaceutical firm BioNTech reported a internet revenue of 1.13 billion euros (USD 1.37 billion) within the first quarter of this yr on the again of sturdy revenues from its coronavirus vaccine.
The corporate’s estimated revenues surged to over 2 billion euros for the interval from January to March, in contrast with simply 28 million euros in the identical interval final yr.
BioNTech developed the primary extensively used vaccine towards COVID-19 along with US accomplice Pfizer, which holds the market and distribution rights in a lot of the world.
The Mainz-based firm stated its revenues included over 1.75 billion in gross earnings from vaccine gross sales in Pfizer’s territories, and virtually 200 million from gross sales to clients in its area.
BioNTech shares rose by greater than 8 per cent to USD 198.55 in pre-market buying and selling on Nasdaq Monday.
The results are a major turnaround for the corporate, which made a internet lack of 53 million euros within the first quarter of 2020.
Early final yr because the pandemic started, BioNTech pivoted from researching therapies for most cancers to growing a vaccine towards COVID-19. Like its rival Moderna, the corporate’s vaccine makes use of mRNA know-how to prime the physique’s immune system to assault the virus.
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