FRANKFURT (Reuters) – BioNTech, Pfizer’s partner on COVID-19 vaccines, said first-quarter net income plunged on lower demand for the shots, as the German biotech firm broadens its attention on cancer and other infectious diseases.
Quarterly net profit dropped to 502 million euros ($553.56 million), down from 3.7 billion euros a year earlier, as vaccine demand plunged.
The World Health Organization last week ended the global emergency status for COVID-19, saying the virus that killed more than 6.9 million people should now be managed along with other infectious diseases.
BioNTech reaffirmed its outlook for revenues from the shot to reach about 5 billion euros in 2023, down from 17.2 billion euros last year.
The company, which had an 18.6 billion euro balance of cash and receivables at the end of March, has pursued a string of takeovers and alliance deals to broaden its work on cancer treatments. It is also working on other vaccines against infections such as tuberculosis and shingles.
($1 = 0.9069 euros)
(Reporting by Ludwig Burger and Patricia Weiss, Editing by Rachel More)
