BERLIN (AP) — The head of German pharmaceutical company BioNTech said Monday that there is no need to waive patents on coronavirus vaccines because manufacturers will be able to produce enough shots to supply the world over the coming year. The chief executive of BioNTech rejected the U.S.-backed proposal to temporarily lift some intellectual property rights for vaccines in order to boost global supply during the ongoing pandemic. The company announced first-quarter net profit of $1.37 billion on Monday. It expects to manufacture 3 billion doses of vaccine this year, 40% of which will go to middle- and low-income countries. BioNTech’s estimated revenues surged to over 2 billion euros for the period from January to March, compared with just 28 million euros in the same period last year.