Big Pharma raked in USD 90 billion in profits with COVID-19 vaccines - SOMO

Posted in category:NewsWritten by:Written by:Esther de HaanPublished on:27 February 2023Pfizer, BioNTech, Moderna, and Sinovac made an extraordinary USD 90 billion in profits on their COVID-19 vaccines and medicines in 2021 and 2022. SOMO’s new report Pharma’s Pandemic Profits shows that these enormous gains are largely due to decades of research funded by public investment, billions in grants for development and production, and tens of billions in Advanced Purchase Agreements (APAs) with governments.Pfizer alone generated USD 35 billion net profits on its COVID-19 related products during 2021 and 2022. BioNTech and Moderna made USD 20 billion each, while Sinovac pocketed Pharma’s Pandemic Profits(pdf, 744.88 KB)DownloadAs health policy-makers globally review the lessons learned during COVID-19, it is imperative that they agree on strong measures to prevent such extreme profiteering at the expense of tax payers in the future. The Pandemic Accord, a new international instrument on which...