(Bloomberg) -- BioNTech SE said some deliveries of the Covid-19 vaccine it sells with Pfizer Inc. have shifted into next year, adding to concerns about future revenue for its only marketed product.

The company’s American depositary receipts fell 2.9% before US exchanges opened before rising slightly, after the German company gave an upbeat estimate for vaccine sales this year.

BioNTech is plowing the Covid revenue into its drug pipeline in a bid to show that its messenger RNA technology can be a broader platform to treat cancer as well as other infectious diseases. 

As sales begin to wane for the pandemic shots, investors are watching closely for signs of whether BioNTech will be able to bring other products to market. Rival Moderna Inc. also fueled concern last week when it gave its first hint at 2023 as interest in immunization fades.

Unlike Moderna, BioNTech raised its forecast for the year, saying that the partners have invoiced some 300 million doses of an omicron-adapted version of the shot as of mid-October. 

This year’s vaccine revenue will reach €16 billion ($16 billion) to €17 billion, the company said, also citing the dollar’s strength against the euro and higher prices. BioNTech’s previous estimated sales range was €13 billion to €17 billion. 

Some vaccine deliveries have been shifted into 2023 due to “evolving dynamics of demand,” according to BioNTech. 

BioNTech confirmed that it’s in “positive” discussions with Chinese authorities which have yet to approve a foreign Covid shot. 

“We have seen some positive re-engagement, as has been reported,” Ryan Richardson, chief strategy officer at BioNTech, said on a analyst call. 

Bloomberg reported on Friday that Olaf Scholz said China will make BioNTech’s vaccine available to foreigners living in the country, in a potential first step toward a wider use of the shot across the mainland. The German chancellor said he spoke with Chinese leaders about perspectives for general approval of the shot from BioNTech, which is partnering with Shanghai Fosun Pharmaceutical Group Co. in China. 

Read More: China to Offer BioNTech Covid Shot to Expats, Scholz Says (2)

BioNTech also reported a 43% sales drop to €3.46 billion in the third quarter as the early wave of vaccine orders subsided. Net profit fell 44% to €1.78 billion in the period. 

The company said it expects as many as 10 updates on clinical trials in cancer next year, and that it will start as many as five vaccine clinical trials in infectious diseases. 

(Updates with additional information on China)

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