BioNTech beat profit and revenue expectations as the Omicron variant spurred strong demand for its Covid-19 vaccine developed with Pfizer.

The German biotech company posted first-quarter revenue of 6.4 billion euros, more than tripling the same period a year earlier, and above analysts’ average estimate of 4 .6 billion euros.

Diluted earnings per share more than tripled to €14.24, above the consensus forecast of €9.71. Net profit amounted to 3.7 billion euros against 1.1 billion euros a year earlier.

Chief Financial Officer Jens Holstein said the company was “well positioned” to meet its 2022 financial guidance, after orders surged from late 2021 as countries used vaccines to fight the emerging variant. of Omicron.

BioNTech still expects sales to fall year-over-year, anticipating revenues between 13 and 17 billion euros, compared to nearly 19 billion euros last year. There is now an oversupply in the Covid-19 vaccine market and it is not yet known how extensive the recall campaigns will be later in the year.

BioNTech is investing heavily in its broader mission, which includes creating breakthrough cancer drugs, and expects to spend between €1.4 billion and €1.5 billion on research and development this year. The company said the forecast did not include potential mergers and acquisitions or additional collaborations it may enter into this year.

Chief executive Ugur Sahin said the group had reported “encouraging data” on its first-in-human trial of a CAR-T therapy, which engineers T cells to fight solid tumors.

“With our innovation execution, we believe we are well positioned to achieve multiple product launches in the coming years, which would facilitate significant long-term growth,” he said.