After announcing record profits, Pfizer is increasing the price of its Covid vaccine by 300-400%.
A slap in the Pface: Pfizer chief boasts to investors that Covid will continue to be a 'multi-billion dollar franchise for many years to come' — as firm prepares to stick 10,000% markup on its vaccine | Daily Mail - Cassidy Morrison Senior:
November 8, 2022 - "Pfizer’s chief financial officer has described the Covid pandemic as a 'multi-billion dollar franchise' — and expects profit to continue. David Denton told investors in an earnings call last week his company's vaccine and antiviral would still be 'relevant for many years to come'....So far Pfizer has reaped about $80 billion in yearly revenue from sales of Covid vaccines and the antiviral drug Paxlovid.
"The company announced last month it will triple the price of its shot to up to $130 per dose next year — a far cry from the roughly $19 to $30 per dose that the government paid. Some experts estimate each individual shot to cost just $1.18 to make — meaning the new price represents a 10,000 per cent markup.
"Analysts speculate that the move was made so Pfizer could still meet its target of $32 billion of projected vaccine revenue this year. Critics say that the decision shows the firm's greed. Peter Maybarduk, director of access to medicines at Public Citizen, told DailyMail.com ... that the firm has already made an 'obscene' amount of money, and will be ok if they do not meet revenue projections that were likely inflated anyways....
"Pfizer was an early winner during the pandemic when it became the first company to get a Covid-19 vaccine approved for the US market. Subsequent vaccine mandates for healthcare workers and the military further drove up sales of vaccines. The company projects $102 billion in total revenue this year with the vaccine and its antiviral Paxlovid - more than double the company's yearly revenue in 2019 ($40.9 billion) and 2020 ($41.7 billion).
"Julia Kosgei, policy advisor to the The People's Vaccine Alliance said: 'Experts have estimated that Pfizer's vaccine costs just $1.18 per dose to make... Charging $130 per dose would represent a markup of more than ten thousand per cent. This is daylight robbery'....
"Contracts signed by the government to secure billions of doses of vaccines at no cost to Americans will run out soon, shifting the cost of purchasing shots to health insurance companies.... Pfizer’s move to hike up the cost of each Covid shot for the private health insurance market likely would not affect people with private insurance or those enrolled in the government healthcare programs Medicare and Medicaid. Health plans typically cover the costs of vaccines. But people paying out of pocket may be forced to pay more for a Covid shot than the cost of a flu shot, which can range in price from around $50 to $95.
"Pfizer CEO Albert Bourla told investors last Tuesday: ‘With regard to our COVID-19 products, while their sales may fall from our expected 2022 levels of approximately combined $55 billion, we believe our COVID-19 franchises will remain multibillion-dollar revenue generators for the foreseeable future which should serve as a buffer for any unforeseen challenges with other products in our portfolio.’"
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