Pfizer covid-partner BioNTech has almost €19bn in cash for cancer and other diseases           

Company also working on other vaccines against infections such as tuberculosis and shingles

Last week, the World Health Organization ended the global emergency status for covid.

Germany's BioNTech, Pfizer's partner on covid vaccines, has said its first-quarter profit plunged on lower demand for the shots as it widens its work on cancer and other diseases.

BioNTech, which reported it had built up an €18.6bn 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 vaccine demand plunged.

Last week, the World Health Organization ended the global emergency status for covid, saying the virus that has killed more than 6.9m people should now be managed along with other infectious diseases.

BioNTech reaffirmed its outlook for revenues from the shot to reach about €5bn in 2023, down from €17.2bn last year.

It also repeated that its research and development budget would be between €2.4bn and €2.6bn this year, up from €1.54bn last year, as it hires scientists and initiates more expensive late-stage trials.

And it reiterated it remained in talks with the European Union about deferred or reduced covid vaccine deliveries as it re-negotiates a bulk purchase contract. The company declined comment on the state of discussions on the price to be paid per shot. 

• Reuters