Economy
Biontech's net profit plunges to $555M in 1st quarter
Due to lower COVID-19 vaccine sales, Mainz-based company's revenues plummet to $1.41B in January-March
Tuba Sahin |
08.05.2023 - Update : 08.05.2023
A view of BioNTech Headquarters in Mainz, Germany on November 12, 2020. ( Abdulhamid Hosbas - Anadolu Agency )
ANKARA
German biotech firm BioNTech's net profits plunged to €502.2 million ($555 million) in the first quarter of this year, from €3.7 billion a year ago, according to the company's financial results on Monday.
The Mainz-based company saw revenues of €1.28 billion in January-March, tumbling from €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 €2.05 ($2.203) from €14.24 in the first quarter of 2022.
BioNTech estimates €5 billion in revenue from COVID-19 vaccine for the full 2023 financial year, it added.
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