BERLIN (AP) — BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, has reported that third-quarter earnings are close to half what they were a year earlier.

The German pharmaceutical company still raised its expectations for vaccine revenue after rolling out updated shots targeting omicron strains in September.

The company said Monday that it made net profit of 1.8 billion euros off revenue of 3.5 billion euros in the three months to September.

It says “the course of the pandemic remains dynamic and led to fluctuations” in earnings. Profit and revenue are largely flat in the first nine months of the year.