Vaccine maker Biontech’s profits fell

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Vaccine maker Biontech is preparing an improved Covid-19 vaccine for the fall and is expanding its efforts to develop treatments against cancer. “We have made significant progress and we are preparing to start our first phase 3 clinical experience in oncology,” said CEO Uğur Şahin in Mainz on Monday. Clinical trials for vaccines against shingles and tuberculosis were also underway.

A phase 3 study is crucial for a drug to be approved. It tests the effectiveness of a preparation and often involves significantly more participants than previous studies. Şahin said that with the further development of the Covid-19 vaccine, preparations are underway to provide a vaccine adapted to the variant if necessary. The new generation active content is also intended to protect against the severe Covid 19 disease.

Biontech co-founder anticipates seasonal demand for Covid-19 vaccine in the future. After dealing primarily with contracts with governments over the past few years, trade orders are now likely to increase.

As a result, expected sales will shift significantly into the second half of the year. In the first three months of the year, Biontech recorded a significant decline in revenues and profits as a result of this development.

According to the company, sales in the first quarter were €1.27 billion, after €6.37 billion in the same period last year. Net profit fell from 3.69 billion euros to 502 million euros. CFO Jens Holstein said financial development in the first quarter was in line with management’s expectations. The vaccine manufacturer had already described this year as a kind of transitional year when presenting its annual figures.

The Board of Directors confirmed its forecast for sales of around five billion euros with Covid-19 vaccines for the full year. Investment spending on research and development is expected to reach 2.6 billion euros in the current year. In addition, it is planned to establish an oncology products sales organization especially in the USA and EU this year and in the coming years.

(SDA)

Source :Blick