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German Covid-19 vaccine maker BioNTech posts surge in profits, sales

German coronavirus vaccine maker BioNTech posted on Monday a sharp jump in sales and profits.

German coronavirus vaccine maker BioNTech posted on Monday a sharp jump in sales and profits.

Based in the western German city of Mainz, BioNTech said second-quarter net profit rose more-than-forecast to nearly 2.8 billion euros (3.3 billion dollars), compared with a loss of 88.3 million euros in the same period last year.

Analysts had expected the company to report a second-quarter profit of 2.03 billion euros.

Developed in collaboration with the US pharmaceutical group Pfizer, the two companies’ coronavirus vaccine was authorized for use in the United States, European Union and elsewhere starting last year.

Sales in the quarter ended June 30 were estimated at about 5.3 billion euros, compared with 41.7 million euros a year earlier, BioNTech said.

Analysts had expected second-quarter sales would come in at 3.4 billion euros.

Net profit topped 3.9 billion euros in the first six months of this year following a loss of almost 142 million euros a year earlier.

Total sales for the first half of the year were just shy of 7.4 billion euros, compared with about 69 million euros in the prior-year period.

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