Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

BioNTech eyes up to 17 billion euros in vaccine revenue in 2022

Published 01/11/2022, 08:17 AM
Updated 01/11/2022, 10:01 AM
© Reuters. FILE PHOTO: Syringes are seen in front of a displayed Biontech logo in this illustration taken November 10, 2020. REUTERS/Dado Ruvic

By Ludwig Burger

FRANKFURT (Reuters) -BioNTech said it would likely generate up to 17 billion euros ($19 billion) in 2022 revenue from the COVID-19 vaccine it co-developed with Pfizer (NYSE:PFE), pledging to spend earnings on development of cancer drugs and new vaccines.

In presentation slides for J.P. Morgan's annual healthcare conference, which is being held virtually this year, the German biotech firm said on Tuesday it expects 13 billion to 17 billion euros in revenue accruing to it from the vaccine this year, which compares with a guidance of 16 billion-17 billion euros for 2021.

The financial windfall from the Comirnaty shot, its first product on the market since the company's 2008 inception, presents a "historic chance to accelerate our vision through reinvestment in the company", it said in the slides.

Encouraged by the earnings prospects, BioNTech has accelerated clinical testing on humans of various product candidates, by far the most expensive phase of developing new medicines.

According to the presentation, it started five clinical trials last year with experimental oncology drugs previously not tested on humans and moved two trials into the second phase of testing on humans. Three phases are typically needed for market approval though in oncology regulators are increasingly considering clearance even after the second phase.

BioNTech has an influenza vaccine in the first phase of testing on humans and plans to start human testing of four vaccine candidates against shingles, malaria, tuberculosis and herpes simplex this year.

© Reuters. FILE PHOTO: Syringes are seen in front of a displayed Biontech logo in this illustration taken November 10, 2020. REUTERS/Dado Ruvic

In another sign of rapid growth, the headcount in research and development increased by 40% last year to more than 850 staff.

($1 = 0.8824 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.