Biontech expects lower sales of corona vaccine
The vaccine manufacturer Biontech has reduced its forecast for revenues from Covid-19 vaccines for the full year 2023. The Mainz-based company now expects sales of around four billion euros, as it announced on Monday. Biontech had previously assumed around five billion euros.
The bottom line for the third quarter was a net profit of 160.6 million euros, a return to profit after a loss of 190.4 million euros in the previous quarter. Turnover in the third quarter amounted to 895.3 million euros. Nonetheless, profits and revenue are significantly below the figures from the previous year: in the third quarter of 2022, Biontech still posted a healthy profit of 1.78 billion euros and revenue of 3.46 billion euros.
Biontech itself spoke of a positive result. It had succeeded in defying the industry-wide trend in the Covid-19 drug market. Biontech's partner Pfizer, for example, had slipped into the red in the previous quarter due to the collapse in demand for Covid medicines and had to write down its inventories by billions.
Biontech's anticipated decreased sales of Covid-19 vaccines might impact its quarterly figures in the future. Despite the positive Q3 results, the pharmaceutical company's revenue and profits for the period are markedly lower than the previous year's figures in the Covid-19 drug market.
Source: www.dpa.com
