By Cecilia Butini

 

BioNTech said Monday that earnings and revenue declined significantly in the first quarter of the year as it booked lower sales of its best-selling Covid-19 vaccine compared with the year prior.

Net profit for the quarter came in at 502.2 million euros ($553.3 million), down from EUR3.70 billion in the first quarter of 2022. Quarterly revenue was EUR1.28 billion, compared with EUR6.37 billion the year prior, while earnings per share dropped to EUR2.05 from EUR14.24, the German biotechnology company said.

The company backed its outlook for 2023, noting that it expects to total about EUR5 billion in revenue for its Covid-19 vaccine. It added that seasonal demand for the jab should see revenue weighted to the second half of the year.

"While a vaccine adaptation is expected to lead to increased demand, fewer primary vaccinations and lowered population-wide levels of boosting are anticipated," BioNTech said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

May 08, 2023 07:34 ET (11:34 GMT)

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