Pfizer reaps big profits as vaccine disparities grow

Islam News – Pfizer said its Covid-19 vaccine generated $3.5 billion in revenue in the first three months of this year, nearly a quarter of its revenue.

The company did not disclose details, but it predicted profit margins 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 a technology that has saved an untold number of lives. But its 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.”

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.

Source: The New York Times