Earnings drop at BioNTech as vaccine demand wanes

Covid vaccine maker BioNTech has reported sharp falls in income and earnings in contrast with final yr amid waning international demand for the jabs.

The German biotech firm on Monday reported revenues of €3.5bn for the three months to September 30, down from round €6.1bn for a similar interval final yr. Web revenue fell from €3.2bn within the third quarter of 2021 to about €1.8bn.

The group additionally up to date its forecast for vaccine revenues for 2022, from earlier steering of between €13bn and €17bn to a narrower vary of €16bn-€17bn. Final yr it made €19bn in vaccine revenues.

It mentioned that elevated shipments of its Omicron tailored bivalent vaccine boosters and the constructive influence of international foreign money actions had allowed it to slender the vary for this yr.

Ugur Sahin, chief govt and co-founder of BioNTech mentioned the corporate had allowed individuals to entry a vaccine tailored to the BA.4/BA.5 variants at “unprecedented velocity”.

He added that the corporate was working to use classes learnt from the event of Omicron-adapted vaccines to different illness areas and product candidates.

BioNTech mentioned that cargo of its Omicron bivalent boosters started early in September and that about 300mn doses of the unique Omicron vaccine and the tailored bivalent vaccine, which has now been accredited in over 45 nations or areas, had been invoiced as of October.

BioNTech mentioned it was increasing its analysis in infectious illnesses and oncology, with as much as 10 scientific trial updates anticipated in 2023.

The corporate was additionally hit by further bills related to stock write-offs, manufacturing prices linked to contracts with producers and a rise in headcount.

Diluted earnings per share fell to €6.98 within the third quarter, down from €12.35 within the third quarter of 2021.

The most important Covid-19 vaccine producers want to broaden into different areas as demand from the pandemic begins to sluggish.

Airfinity, a well being information group, has forecast that gross sales of Covid-19 vaccines will fall by a few fifth to $47bn subsequent yr, whereas Frankfurt-based finance group, Oddo Bhf, reduce its 2022 and 2023 income forecast for BioNTech by 28 and 33 per cent respectively, to €14.1bn and €10.6bn.