BioNTech drops Covid-19 revenue forecast but returns to profitability

Pioneering German vaccine maker and pharmaceutical research firm BioNTech has lowered its forecast for revenue from Covid-19 vaccines in 2023 by about 20%, reported dpa.

The Mainz-based BioNTech on Monday reported third-quarter profits of more than €160 million ($172 million) on €895 million turnover.

The results marked a return to profitability for BioNTech after booking a €190 million loss in the second quarter.

Profits at BioNTech, however, remain well below levels from 2022, when the company reported third-quarter profits of €1.78 billion on €3.46 billion in revenue.

BioNTech described the most recent financial results in positive terms, saying the company had successfully defied an industry-wide downward trend in the Covid-19 drug market.

BioNTech's Covid-19 manufacturing partner Pfizer, for example, had slipped into the red in the previous quarter due to the collapse in demand for Covid-19 medicines. Pfizer wrote down billions of dollars worth of inventory.