GERMANY's BioNTech, Pfizer's partner on Covid-19 vaccines, yesterday said its first-quarter net income plunged on lower demand for the Covid-19 shots as it widens its work on cancer and other diseases.

BioNTech, which reported it had built up an €18.6bn ($20.55bn) balance of cash and receivables at the end of March, has pursued a string of takeovers and alliance deals to broaden its work on cancer treatments.

The company, which is also working on other vaccines against infections such as tuberculosis and shingles, said its quarterly net profit dropped to €502m, down from €3.7bn a year earlier, as Covid-19 vaccine demand plunged.

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