German vaccine manufacturer BioNTech reported total revenues for the three months ended September 30, 2022 of €3,461.2 million (-43% yoy) while for the nine months total revenues were €13,032.3 million1 (9M 2021: €13,444.2 million1). As expected, the course of the pandemic remained volatile and led to fluctuations in quarterly revenues.
During the third quarter, BioNTech’s commercial revenues included €2,554.2 million gross profit share (Q3 2021: €4,358.5 million1) based on the collaboration partners’ gross profit on COVID-19 vaccine sales in Pfizer’s and Fosun Pharma’s territories and represents a net figure.
In addition, BioNTech recognized €564.5 million of direct COVID-19 vaccine sales to customers in BioNTech’s territory, Germany and Turkey, as well as €259.4 million from sales of products manufactured by BioNTech for its collaboration partners.
Cost of sales were €752.8 million and resulted mainly from the recognition of costs related to BioNTech’s COVID-19 vaccine revenues which included the share of gross profit owed to the Company’s collaboration partner Pfizer. In addition, cost of sales were impacted by expenses arising from inventory write-offs and expenses for production capacities derived from contracts with contract manufacturing organizations.
Research and development expenses were €341.8 million (+31%), the increase was mainly due to increased headcount and higher expenses in the context of the share-based payments.
As a result, net profit was €1,784.9 million in the third quarter 2022 (Q3 2021: €3,211.0 million) and €7,155.7 million fot the first nine months (9M 2021: €7,126.3 million).
Updated Outlook for the 2022 Financial Year
BioNTech updates its 2022 financial guidance, raising its COVID-19 vaccine revenue estimate to the upper end of the original range: €16 – 17 billion (previously: €13 – 17 billion).
The updated guidance reflects the shipment of the Omicron-adapted bivalent vaccine boosters, which started early in September and is expected to continue throughout the fourth quarter of 2022 as well as higher prices and a positive foreign currency effect.
