Pfizer Inc (NYSE:PFE) was accused of profiteering in the pandemic as it reiterated its estimate that its Covid vaccine jointly developed with BioNTech will generate US$32bn of revenue this year.
The pharma giant reported group sales of US$25.7bn in the first quarter of 2022, an increase of 77% from this time last year, with a US$13.2bn contribution from the coronavirus jab.
Last week on the date of its annual shareholder meeting, wheelbarrows full of fake money were delivered to the company's UK headquarters by a group of campaigners protesting against what they call pandemic profiteering.
Tim Bierley, a campaigner at one of the groups, Global Justice Now, said: “Throughout the pandemic, Pfizer has refused to share its technology and knowhow. Instead, it has maintained monopoly control over its vaccine and treatment, keeping a chokehold on global supply.
“Despite calls from campaigners to allow countries in the global south to manufacture their own vaccines and treatments, Pfizer continues to put profit over people’s health. Pfizer’s revenues almost doubled last year and now it looks like the company’s coffers are set to swell even further. At a time when millions still don’t have access to vaccines or treatments for Covid-19, this continued pandemic profiteering is harrowing.”
Another route was shown by companies such as AstraZeneca PLC (LSE:AZN) and Johnson & Johnson (NYSE:JNJ), which priced their vaccines at cost during the pandemic.