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 euros in gross profits from vaccine sales in Pfizer’s territories, and almost 200 million euros from sales to customers in its region.
BioNTech shares rose by more than 8% to $198.55 in pre-market trading on Nasdaq Monday.
The results are a significant turnaround for the company, which had a net loss of 53 million euros in the first quarter of 2020.
Early last year as the pandemic began, BioNTech pivoted from researching treatments for cancer to developing a vaccine against COVID-19. Like its rival Moderna, the company’s vaccine uses mRNA technology to prime the body’s immune system to attack the virus.