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

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

BERLIN -- German pharmaceutical company BioNTech reported a net profit of 1.13 billion euros ($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 billion euros for the period from January to March, compared with just 28 million euros in the same period last year. 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 its revenues included over 1.75 billion in gross profits from vaccine sales in Pfizer's territories, and almost 200 million from sales to customers in its region.