Pfizer has reported that it has made nearly a quarter of its total annual revenue during the first three months of 2021
Data from the big pharma giant shows that the covid vaccine was by far the companys’s most lucrative product as it made $3.5bn in revenue at the start of the year.
According to The New York Times: 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.
Pfizer has been widely credited with developing an unproven technology that has saved an untold number of lives.
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.
As of mid-April, wealthy countries had secured more than 87 percent of the more than 700 million doses of Covid-19 vaccines dispensed worldwide, while poor countries had received only 0.2 percent, according to the World Health Organization. In wealthy countries, roughly one in four people has received a vaccine. In poor countries, the figure is one in 500.
Pfizer has said it is committed to making its vaccine accessible globally. It announced on Tuesday that it had shipped 430 million doses to 91 countries or territories. A Pfizer spokeswoman, Sharon Castillo, would not say how many of those doses have gone to poor countries, where Pfizer has said it is not profiting on vaccine sales.
The World Health Organization figures make clear that Pfizer has provided minimal help to the world’s poorest countries.