Pfizer is making millions of Profit in a year from Covid Vaccine
In the mid-April, the wealthy nations have been able to secure more than 87% of 700 million doses of Covid-19 vaccines dispensed worldwide, while the poor nations have received only about 0.2%, as per the World Health Organization.
The company has stated that, its vaccine has been able to generate $3.5 billion in revenue in the 1st 3 months of this year.
Last year, in a race, to develop a vaccine in a record time, Pfizer has made a big decision. Unlike, numerous rival manufacturers, which has vowed to forgo profits on their shots during the Covid-19 pandemic. Pfizer planned to profit on its vaccine.
On Tuesday, the company has made an announcement, just as to how much money the shot is generating.
The vaccine brought in around $ 3.5 billion in revenue in the 1st three months this year, nearly a quarter of its total revenue. The Pfizer reported, the vaccine was, far and away, the Pfizer biggest source of revenue.
The company has not disclosed the profits it reaped from the vaccine, but it reiterated its previous prediction that its profit margins on the vaccine would be around as high as 20% range. This would translate into roughly about $900 million in pretax vaccine profits in the 1st quarter.
The Pfizer has been widely credited for developing an unproven technology, which has helped save untold number of lives.
The company's vaccine is disproportionately reaching the world's rich, this is outcome, so far at least, at odds with its chief executive pledge to ensure that poorer nations, have the same access as the rest of the world, to a vaccine which would be highly effective at preventing Covid-19.
In the mid-April, the wealthy nations have been able to secure more than 87% of 700 million doses of Covid-19 vaccines dispensed worldwide, while the poor nations have received only about 0.2%, as per the World Health Organization. In the wealthy nations, roughly one in four people have received a vaccine. In poor nations, the figure is one in 500.
The Pfizer has stated that, it is committed to making its vaccine accessible globally. It has made announcement that, on Tuesday, it had shipped about 430 million doses to 91 nations or territories. A Pfizer spokeswomen, Sharon Castillo, it would not state how many of those doses have gone to poor nations, where Pfizer has stated that, it is not profiting on vaccine sales.
The World Health Organization figures does make clear, that Pfizer has offered only minimal help to the world's poorest nations.
The company has pledged to contribute up to 40 million doses to Covax, a multilateral partnership aimed at supplying vaccines to poor nations. That represents less than 2% to 2.5 billion doses, which Pfizer and its development partners, BionTech aim to produce this year.