BioNTech raises Covid vaccine sales forecast as boosters ship

BioNTech SE raised its forecast for the Covid-19 vaccine it sells with Pfizer Inc., saying that the partners have invoiced some 300 million doses of an omicron-adapted version of the shot as of mid-October.

This year’s vaccine revenue will reach €16 billion ($16 billion) to €17 billion, the German company said on Monday. BioNTech’s previous estimated sales range was €13 billion to €17 billion. The dollar’s strength against the euro and higher prices have also helped drive revenue, the company said.

BioNTech is plowing the Covid revenue back into its drug pipeline in a bid to show that its messenger RNA technology can be a broader platform to treat cancer as well as other infectious diseases.

As sales begin to wane for the pandemic shots, investors are watching closely for signs of whether the company will be able to bring other products to market. BioNTech’s American depositary receipts have declined almost 40% this year.

Some vaccine deliveries have been shifted into 2023 due to “evolving dynamics of demand,” according to BioNTech. Rival Moderna Inc. cited deliveries delayed to next year when it cut its vaccine sales forecast last week.

BioNTech said it expects as many as 10 updates on clinical trials in cancer next year, and that it will start as many as five vaccine clinical trials in infectious diseases.

Sales fell 43% to €3.46 billion in the third quarter as the early wave of vaccine orders subsided. Net profit dropped 44% to €1.78 billion in the period, the Mainz, Germany-based company said. – BLOOMBERG