German biotech firm BioNTech’s net profits plunged to pound 502.2 million ($555 million) in the first quarter of this year, from pound 3.7 billion a year ago, according to the company’s financial results on Monday. The Mainz-based company saw revenues of pound 1.28 billion in January-March, tumbling from pound 6.38 billion in the same period last year. “The change was mainly due to lower commercial revenues from the supply and sales of the company’s COVID-19 vaccines worldwide,” read the statement. Its diluted earnings per share also dropped to pound 2.05 ($2.203) from pound 14.24 in the first quarter of 2022. BioNTech estimates pound 5 billion in revenue from COVID-19 vaccine for the full 2023 financial year, it added.
Source: Anadolu Agency