BioNTech’s profit and revenue dropped from a year ago based on its latest earnings report, with total revenue falling from just over €6 billion in Q3 2021 to €3.4 billion in Q3 2022. 

Similarly, the pharma company’s net profit dropped from €3,211 in the same time period last year to €1,784 this year.

Despite the decline, however, the company updated its COVID-19 vaccine revenue guidance for 2022 to the higher end of the original range, €16 billion to €17 billion, from the previous estimate of €13 billion to €17 billion.

BioNTech CEO Ugur Sahin heralded the quick development of the company’s updated bivalent COVID-19 vaccine in a statement accompanying the earnings release.

“We are working to leverage this experience and apply the lessons learned from the development of Omicron-adapted vaccines to other disease areas and product candidates,” Sahin said. “The next chapter of BioNTech’s evolution is becoming tangible; we continue to expand our COVID-19 vaccine and infectious disease portfolio and advance our oncology pipeline.”

The updated estimate is based on the rollout of its Omicron booster shots, which began in September for fall and winter vaccination campaigns. By mid-October, some 300 million doses had been distributed. BioNTech said it expects its booster to continue driving in revenue throughout the fourth quarter of 2022.

“We believe in the potential of our COVID-19 franchise and plan to build on our leading position with ongoing innovations in this field,” BioNTech CFO Jens Holstein said in a statement.

Additionally, the company noted it’s planning next-generation vaccines for COVID-19 as variants continue to evolve. It’s also currently working with Pfizer to develop a flu vaccine based on its mRNA technology and is investigating a herpes simplex virus type 2 mRNA vaccine and a tuberculosis mRNA vaccine.

“We reaffirm our commitment to improving the health of people worldwide by developing immunotherapies that utilize the full potential of the immune system to fight cancer, infectious and other serious diseases,” Sahin added.

The company also estimated €1.4 billion to €1.5 billion in R&D expenses for the full year.