BIONTECH, the company which worked with Pfizer to develop its famed Covid-19 vaccine, has reported €9.6bn (£8bn) worth of revenue so far this year.

The German pharmaceutical giant yesterday reported a second quarter revenue of €3.2bn (£2.6bn).

In a call yesterday, CEO Ugur Sahin said the results were "in line with our expectations", following a "better than anticipated" first quarter result.

The results, however, were not well received by investors, with shares down 10 per cent yesterday morning.

The company said it expects deliveries for its Omicron-adapted vaccine to begin as soon as October.

BioNTech also outlined plans to launch more variant specific Covid-19 vaccines in the next three to five years, as the company detects a new coronavirus strain every two to three months.

The CEO explained that "with the current development path, it has generally taken us eight months to produce a new vaccine candidate" to combat new strains of Covid-19.

However, he hopes to trim this time down to "as little as three months".

(c) 2022 City A.M., source Newspaper