BioNTech Has Big Plans for Billions Earned From Vaccines

The German pharmaceutical company BioNTech has climbed to the very top of the pharmaceutical industry thanks to its coronavirus vaccine, both scientifically and financially, but it is already thinking ahead to the time after the pandemic and preparing an enormous investment in Singapore, writes Deutsche Welle (DW).

In the first quarter of 2020, BioNTech recorded a loss of around EUR 50 million, but all the research costs and investments have paid off and it is currently working on boosting the production.

BioNTech from Mainz increased its turnover in the first quarter of 2021 compared to the same period in 2020 over 70 times to EUR 2 billion.

The earnings also tripled to around EUR 1.1 billion.

BioNTech is ready to take over the role of a global concern which will remain relevant even after the coronavirus pandemic ends, DW writes.

They will continue specializing in vaccines against infectious diseases – genetically modified products which are expected to play a big role in medicine, all the way to fighting cancer.

When it comes to the vaccine, the company plans the seat for Southeast Asia in Singapore, where it is to build a facility which will be able to produce up to a billion doses a year.

BioNTech does not want to disclose the precise investment amount, but in any case, as DW writes, it amounts to “several hundred million US dollars”.

According to the media, Singapore has readily accepted to take part in the investment itself, and the facility should start operating as soon as 2023.

BioNTech’s biggest buyer is still the European Union, which has recently substantially increased its order.

BioNTech

vaccines

coronavirus

investments

Pfizer