BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, reported that its earnings in the third quarter were 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.

The company said Monday that it made net profit of 1.8 billion euros ($1.8 billion) off revenue of 3.5 billion euros ($3.5 billion) in the three months to September, a drop from profit of 3.2 billion euros and revenue of 6.1 billion euros in the same period a year ago.

BioNTech said “the course of the pandemic remains dynamic and led to fluctuations” in earnings. Profit and revenue were largely flat in the first nine months of the year.

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