BioNTech SE boosted its Covid-19 vaccine sales forecast to 12.4 billion euros ($15.1 billion) for this year, issuing a new target for the shot it sells with Pfizer Inc. as countries increase orders to spur their inoculation campaigns.
The partners have contracted for about 1.8 billion doses this year and started clinching deals for 2022 and beyond, the Mainz, Germany-based company said Monday. BioNTech had previously predicted 9.8 billion euros in 2021 revenue from the shot, its first marketed product.
As demand soars for their messenger RNA vaccines, Pfizer and BioNTech have bumped up their production goals, raising the potential revenue the two partners stand to get as well. Pfizer last week said supply agreements will yield $26 billion in sales this year — a total that’s split between the drugmakers. BioNTech also gets revenue from direct sales.
BioNTech’s depository receipts rose as much as 10% in U.S. trading.
Chief Executive Officer Ugur Sahin said he sees no need to adjust the shot to new variants, although that time may come.
“At the moment we don’t see any reason to adapt our vaccine, but we are working to establish a process and a regulatory framework,” Sahin said on a conference call. The changes would only impact the template used for the vaccine without affecting or delaying the manufacturing process, he said.
BioNTech and Pfizer said last week that they’ll be able to make as many as 3 billion doses this year and more than that in 2022. Though the partners’ messenger RNA technology was unproven until last year, it has quickly become a mainstay of the Covid inoculation drive, thanks in part to manufacturing struggles and safety concerns for competitors AstraZeneca Plc and Johnson & Johnson.
Orders are already flowing in for next year, including as many as 1.8 billion doses reserved for 2022 and 2023 by the European Union alone. BioNTech also said it will build a production facility in Singapore that could be operational by early 2023 and establish a joint venture with a unit of Shanghai Fosun Pharmaceutical Group Co. to set up local manufacturing.