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		</div><p>German pharmaceutical company BioNTech has reported a net profit of €1.13 billion in the first quarter of this year on the back of strong revenues from its coronavirus vaccine.</p>
<p>The company’s estimated revenues surged to more than two billion euros for the period from January to March, compared with just €28 million in the same period last year.</p>
<p>BioNTech developed the first widely used vaccine against Covid-19 together with US partner Pfizer, which holds the market and distribution rights in much of the world.</p>
<p>The Mainz-based company said its revenues included more than €1.75 billion in gross profits from vaccine sales in Pfizer’s territories, and almost €200 million from sales to customers in its region.</p>
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<p>BioNTech shares rose by more than 8 per cent to 198.55 dollars in pre-market trading on Nasdaq on Monday.</p>
<p>The results are a significant turnaround for the company, which made a net loss of €53 million in the first quarter of 2020.</p>
<p>Early last year as the pandemic began, BioNTech pivoted from researching treatments for cancer to developing a vaccine against Covid-19.</p>
<p>Like its rival Moderna, the company’s vaccine uses mRNA technology to prime the body’s immune system to attack the virus.</p>
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