Pfizer Reaps Hundreds of Millions in Profits From Covid Vaccine
The company said its vaccine generated $3.5 billion in revenue in the first three months of this year.
Last year, racing to develop a vaccine in record time, Pfizer made a big decision: Unlike several rival manufacturers, which vowed to forgo profits on their shots during the Covid-19 pandemic, Pfizer planned to profit on its vaccine.
On Tuesday, the company announced just how much money the shot is generating.
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.
Pfizer has been widely credited with developing an unproven technology that has saved an untold number of lives.
Unproven technology. Read that again, but people willing to take the jab
h/t jwn