The German pharmaceutical company BioNTech has posted a net profit of 1.13 billion euros (£972 million) in the first quarter of this year, driven by strong sales of its coronavirus vaccine.
Estimated revenues for the company rose to more than two billion euros for the January-March period, compared with just 28 million euros for the same period last year.
BioNTech has developed the first widely available Covid-19 vaccine with U.S. partner Pfizer, which holds marketing and distribution rights in much of the world.
The Main-based company said sales included more than 1.75 billion in gross profit from sales of the vaccine in Pfizer’s territories and nearly 200 million from sales to customers in its own region.
Shares of BioNTech rose more than 8% to $198.55 in premarket trading on the Nasdaq on Monday.
The results are a significant turnaround for the company, which had posted a net loss of 53 million 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 competitor Moderna, the company’s vaccine uses mRNA technology to prepare the body’s immune system to attack the virus.