Berlin, Aug. 10, (dpa/GNA) – German coronavirus vaccine maker BioNTech posted on a sharp jump in sales and profits on Monday as it benefited from its work in creating one of the most-trusted coronavirus vaccines.
Based in the western German city of Mainz, BioNTech said second quarter net profit rose more than forecast, to nearly 2.8 billion euros (3.3 billion dollars), compared with a loss of 88.3 million euros in the same period last year.
Analysts had expected the company to report a second quarter profit of 2.03 billion euros.
Overall sales in the quarter that ended June 30 were estimated at about 5.3 billion euros, compared with 41.7 million euros a year earlier, BioNTech said.
Analysts had expected second quarter sales would come in at 3.4 billion euros.
Net profit topped 3.9 billion euros in the first six months of this year following a loss of almost 142 million euros a year earlier.
Total sales for the first half of the year were just shy of 7.4 billion euros, compared with about 69 million euros in the prior-year period.
Developed in collaboration with the US pharmaceutical group Pfizer, the two companies’ coronavirus vaccine was authorized for use in the United States, European Union and elsewhere starting last year.
As of July 21, the companies have distributed about 1 billion doses of the vaccine to more than 100 countries and regions. So far, they are on track to distribute 2.2 billion doses this year and another billion doses in 2022, and have capacities to produce 3 billion this year and up to 4 billion next year.
Although initial recommendations said people should get two doses of the vaccine for full effectiveness, the companies now say a third is most likely necessary, especially in light of the spread of the Delta variant of the virus.
More specific data on the matter is expected when a study is released in the coming weeks. The two are also working on a version of the vaccine specifically tailored to the Delta variant. A study of its effectiveness could still start this month, but is waiting for approval from local authorities.
The company’s success is making a splash on the Nasdaq, the US-based stock market where it is listed. Last week, it traded at 433.9 dollars, before dropping to 389 dollars by Friday. However, that was still about 1,200 per cent more valuable than a share was in January 2020, before the pandemic went global.
Monday saw another upward tick after the figures were released, with a share now selling at 431 dollars. That means shares are trading at about 2,500 per cent more than they were worth when BioNTech stock first listed, making the company worth about 111.4 billion dollars.
With 17 per cent of the company, co-founder and chief executive Ugur Sahin is worth about 14 billion euros, making him one of the 10 richest people in Germany.
GNA