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re: Pfizer earned $3.5 billion on COVID vaccine in first quarter
Posted on 5/4/21 at 12:04 pm to David_DJS
Posted on 5/4/21 at 12:04 pm to David_DJS
The vaccine brought in $3.5 billion in revenue in the first three months of this year, nearly a quarter of its total revenue, Pfizer reported. The vaccine was, far and away, Pfizer’s biggest source of revenue.
The company did not disclose the profits it derived from the vaccine, but it reiterated its previous prediction that its profit margins on the vaccine would be in the high 20 percent range. That would translate into roughly $900 million in pretax vaccine profits in the first quarter.
But the company’s vaccine is disproportionately reaching the world’s rich — an outcome, so far at least, at odds with its chief executive’s pledge to ensure that poorer countries “have the same access as the rest of the world” to a vaccine that is highly effective at preventing Covid-19.
Pfizer frequently points out that it opted not to take federal funds proffered by the Trump administration under Operation Warp Speed, the initiative that promoted the rapid development of Covid-19 vaccines.
But BioNTech received substantial support from the German government in developing their joint vaccine. And taxpayer-funded research aided both companies: The National Institutes of Health patented technology that helped make so-called messenger RNA vaccines possible. BioNTech has a licensing agreement with the N.I.H., and Pfizer is piggybacking on that license. LINK
The company did not disclose the profits it derived from the vaccine, but it reiterated its previous prediction that its profit margins on the vaccine would be in the high 20 percent range. That would translate into roughly $900 million in pretax vaccine profits in the first quarter.
But the company’s vaccine is disproportionately reaching the world’s rich — an outcome, so far at least, at odds with its chief executive’s pledge to ensure that poorer countries “have the same access as the rest of the world” to a vaccine that is highly effective at preventing Covid-19.
Pfizer frequently points out that it opted not to take federal funds proffered by the Trump administration under Operation Warp Speed, the initiative that promoted the rapid development of Covid-19 vaccines.
But BioNTech received substantial support from the German government in developing their joint vaccine. And taxpayer-funded research aided both companies: The National Institutes of Health patented technology that helped make so-called messenger RNA vaccines possible. BioNTech has a licensing agreement with the N.I.H., and Pfizer is piggybacking on that license. LINK
Posted on 5/4/21 at 12:08 pm to Jbird
quote:
Pfizer frequently points out that it opted not to take federal funds proffered by the Trump administration under Operation Warp Speed, the initiative that promoted the rapid development of Covid-19 vaccines.
I’d like to point out that former President Trump took issue with that characterization.
quote:
President Trump said on Friday that pharmaceutical giant Pfizer offered an “unfortunate misrepresentation” when the company distanced itself from Operation Warp Speed.
“Pfizer said that it was not part of Warp Speed, but that turned out to be an unfortunate misrepresentation,” Trump said in a news conference. "It was an unfortunate mistake that they made when they said that."
Trump was referring to a Pfizer executive's comments from Sunday about the development of the company's COVID-19 vaccine candidate.
“We were never part of the Warp Speed,” Kathrin Jansen, senior vice president and head of vaccine research and development at Pfizer, told the New York Times on Sunday. “We have never taken any money from the U.S. government, or from anyone.”
foxbusiness.com
This post was edited on 5/4/21 at 12:10 pm
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