Vaccine demand dip hits Biontech sales

BIONTECH profits and sales have dropped sharply, as demand for its Covid vaccine slows.

The German pharmaceutical company reported a 43pc drop in sales to €3.46bn (£3bn) in the third quarter, as the early wave of vaccine orders subsided. Net profit fell 44pc year-on-year to €1.78bn in the period.

The business said some deliveries of the Covid-19 vaccine it sells with Pfizer have now been shifted into next year, adding to concerns about future revenue for its only marketed product.

Biontech said deliveries have been delayed as a result of “evolving dynam- ics of demand”.

Last week, rival Moderna cut its sales forecasts for the year, saying that issues with its supply chain meant some vaccine orders would now not be delivered until 2023. However, Biontech raised its forecast for the year, saying vaccine revenue will now be between €16bn and €17bn for the full year, the company said. Biontech’s previous estimated sales range was €13bn to €17bn.

The strong dollar and higher prices have helped Biontech firm up the tighter range, as well as the order pipeline. Orders for 300m doses of an omicron-adapted version of its shot have been placed as of mid-october.

Olaf Scholz, the German chancellor, said last week that expats living in China would now be able to access Bionntech’s Covid vaccine following negotiations with Xi Jinping during a visit to Beijing. Shares in Biontech rose 2.7pc in New York following the update.