The Mainz-based firm reported Monday that its net profit was nearly $3.3 Billion between April and June in an earnings report.
Grow Your Business,
This is not your inbox
Keep up to date and sign up for our daily newsletter!
Read for 3 minutes
This story originally appeared on The Epoch Times
German pharmaceutical giant BioNTech, which jointly with Pfizer developed the first COVID-19 vaccine to be granted emergency use authorization by U.S. regulators, saw its profits surge in the second quarter of 2021.
The Mainz-based business reported that its net profit between April and June was nearly $3.3 Billion. The net profit in 2021’s first half was nearly $4.6 billion. This is compared with a loss of $167 million for the first six months in 2020.
According to the company, it will use its profits from its coronavirus-based mRNA vaccine to help develop cancer drugs.
Ugur Sahin M.D. CEO, Co-Founder, BioNTech said, “We have passed the one billion mark in COVID-19 vaccination doses shipped globally.” We are pleased to have achieved this milestone in six months. Our proprietary mRNA technology has made a significant impact on the lives of people.
BioNTech’s vaccine development partner Pfizer said in its quarterly earnings report in late July that its second-quarter 2021 revenues totaled $19.0 billion, an increase of $9.1 billion, or 92 percent, compared to the second quarter of 2020. Pfizer claimed that the COVID-19 vaccine contributed $7.8 million in revenue and direct sales. Pfizer also increased its 2021 forecasts for vaccine sales from $26 billion a $33.5 billion.
But while Pfizer and BioNTech have enjoyed a windfall from their COVID-19 vaccine, competitor AstraZeneca, which pledged to provide its COVID-19 vaccine at no profit for the duration of the pandemic, said recently that losses in the first half of the year on its vaccine shaved 4 cents off its earnings per share.
Sales of Vaxzevria, AstraZeneca’s COVID-19 vaccine, generated $1.17 billion in revenue during the first six months of the year, including $894 million in the second quarter, according to AstraZeneca’s earnings report, released on July 29.
These revenues reduced AstraZeneca’s loss from selling the COVID-19 vaccine for free, but the company stated that Vaxzevria losses were what shaved 7 percentage points of its reported gross profit margin, which was 73.5 percent, in the first six months.
AstraZeneca stated in its report that the performance mainly reflected the substantial impact of AstraZeneca’s equitable supply of the pandemic COVID-19 vaccination at no cost to them, as well as an increase in profit-sharing agreements.
AstraZeneca stated that Vaxzevria losses shaved 3 cents from earnings per share during the first quarter and 1 cent in the second.
This report was contributed by the Associated Press.
Tom is a journalist, writer, marketer, communications and teacher with a wide background. Roy Peter Clark has the most valuable writing advice: “hit your target” and “leave it for last.”
Publiated at Mon, 9 Aug 2021 16:11:45 +0000