Pfizer Generates Hundreds of Millions in Profits From Covid Vaccine

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Last year in a race against time when all the big biotech companies were making COVID-19 vaccine and vowed to let go of profits Pfizer decided to reap the profit on their vaccine shots during a pandemic. On Tuesday, the company announced that the vaccine brought in $3.5 billion in revenue in the first three months of this year, nearly a quarter of its total revenue, generating the biggest source of revenue for Pfizer right now. Although the company did not disclose the profits it derived from the vaccine, Pfizer has been widely credited with developing an unproven technology that has saved an untold number of lives.Pfizer has said it is committed to making its vaccine accessible globally.“At Pfizer, we believe that every person deserves to be seen, heard and cared for,” the chief executive, Albert Bourla, said in January as the company announced it would join Covax. “We share the mission of Covax and are proud to work together so that developing countries have the same access as the rest of the world.”“Not everyone was interested in the vaccine or prepared to take steps; thus, conversations continue, including working with Covax beyond their initial order of 40 million doses,” said Ms. Castillo, the Pfizer spokeswoman. In India, where the virus is raging out of control, Pfizer’s vaccine is not being used. The company applied for emergency authorization there but withdrew the application in February because India’s drug regulator was not willing to waive a requirement that it run a local clinical trial. At the time, India’s coronavirus case numbers were manageable and vaccines being made locally were thought to be sufficient. Pfizer and India’s government have since resumed talks.

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