COVID-vaccine maker BioNTech reports $1.37B profit in Q1

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BERLIN (AP) — German pharmaceutical company BioNTech reported a net profit of $1.37 billion in the first quarter of this year on the back of strong revenues from its coronavirus vaccine. The company’s estimated revenues surged to over $2.4 billion for the period from January to March,. BioNTech developed the first widely used vaccine against COVID-19 together with U.S. partner Pfizer, which holds the market and distribution rights in much of the world. The Mainz-based company said most of its revenues came from vaccine sales in Pfizer’s territories. BioNTech shares on rose by more than 8% to $198.55 in pre-market trading on Nasdaq Monday. Like its rival Moderna, the company’s vaccine uses mRNA technology to prime the body’s immune system to attack the virus.

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