Pharmaceutical company BioNTech returned to profit in the quarter – Kommersant
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The German pharmaceutical company BioNTech presented financial reporting for the third quarter, from which it follows that the manufacturer has returned to profitability.
At the end of the third quarter, BioNTech’s net profit reached €160.6 million against a loss of €190.4 million in the second quarter. On a per-share basis, the company reported earnings of €0.67, while analysts polled by FactSet expected the company to post a loss of €0.59. Against this background, the company’s shares on NASDAQ are growing by 6.5%.
At the same time, BioNTech’s revenue collapsed by 74% compared to last year – from €3.46 billion to €895.3 million, which is primarily due to a drop in sales of the COVID-19 vaccine developed by the German company together with the American Pfizer. Demand for them is falling significantly as the world gradually emerges from the pandemic. And BioNTech lowered its own forecast for annual vaccine sales by 20%, from €5 billion to €4 billion.
Pfizer previously cut its full-year sales forecast by $9 billion due to falling demand for its COVID treatment Paxlovid and the COVID vaccine Cormirnaty, which it developed with BioNTech. Pfizer said its total COVID-related inventory write-down will be $5.5 billion.
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