People’s Vaccine Alliance conducted a study that showed that the profits earned by Pfizer, Moderna, BioNTech are almost $1,500,000 per day
The crisis is not affecting everyone, and it is certainly affecting companies like Pfizer, BioNTech and Moderna, which are making a combined profit of $65,000 per minute from their Covid-19 vaccines, according to a study by the People’s Vaccine Alliance, which advocates for a better distribution of vaccines around the world. These pharmaceutical companies have amassed this money by selling the vast majority of their doses to wealthy countries, at the expense of less developed nations that remain very poorly vaccinated, the association laments.
According to these calculations based on the companies’ published results, the trio will make pre-tax profits of $34 billion this year, or more than $1,000 per second, $65,000 per minute or $93.5 million per day. This sets Pfizer, BioNTech and Moderna apart from AstraZeneca and Johnson & Johnson, which currently sell their vaccines at cost.
“It is indecent that a few companies are pocketing millions of dollars in profits every hour, while only 2% of people in low-income countries have been fully vaccinated against Covid-19,” lamented Maaza Seyoum, of the African branch of the People’s Vaccine Alliance and African Alliance.
The alliance also laments that despite more than $8 billion in public funding, Pfizer, BioNTech and Moderna have all rejected calls to transfer vaccine technology to producers in low-income countries through the WHO, “a move that could increase global supply, lower prices and save millions of lives.
The People’s Vaccine Alliance, whose 80 members include Oxfam and UNAIDS, is also urging pharmaceutical giants to immediately lift patents protecting vaccines against Covid, via a World Trade Organization initiative, around which negotiations continue.