Pfizer accused of pandemic profiteering as profits double

[babylonsister]

Pfizer accused of pandemic profiteering as profits double
Drugmaker makes $37bn in vaccine sales and predicts bumper year ahead from Covid jabs and pill
Julia Kollewe
Tue 8 Feb 2022 12.26 EST
First published on Tue 8 Feb 2022 10.26 EST


Pfizer made nearly $37bn (£27bn) in sales from its Covid-19 vaccine last year – making it one of the most lucrative products in history – and has forecast another bumper year in 2022, with a big boost coming from its Covid-19 pill Paxlovid.

The US drugmaker’s overall revenues in 2021 doubled to $81.3bn, and it expects to make record revenues of $98bn to $102bn this year.

The bumper sales prompted accusations from campaigners of “pandemic profiteering”. The group Global Justice Now said the annual revenue of $81bn was more than the GDP of most countries and accused Pfizer of “ripping off public health systems”.

The Covid jab Comirnaty, which the New-York based pharma firm developed with the much smaller German company BioNTech, brought in $12.5bn in revenues in the final quarter of 2021, taking the total for the year to $36.8bn. Pfizer said it had exceeded its target of manufacturing 3bn doses of the vaccine last year.

The drugmaker made a net profit of nearly $22bn last year, up from $9.1bn in 2020. It increased its 2022 estimate for Comirnaty sales to $32bn and expects Paxlovid to contribute $22bn in revenues.

more...

https://www.theguardian.com/business/2022/feb/08/pfizer-covid-vaccine-pill-profits-sales

[Hoyt]

1. Money well spent, and less than $20 a shot.