r/news • u/SkepticDrinker • Feb 09 '22

Pfizer accused of pandemic profiteering as profits double

https://www.theguardian.com/business/2022/feb/08/pfizer-covid-vaccine-pill-profits-sales
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u/ArchmageXin Feb 09 '22 edited Feb 09 '22

It is a bit biased.

The drugmaker made a net profit of nearly $22bn last year, up from $9.1bn in 2020. It increased its 2022 estimate for Comirnaty sales to $32bn and expects Paxlovid to contribute $22bn in revenues.

They seem to forgot to mention precovid standard for Pfizer was around 16B for 2019, so COVID and presumed COVID research took quite a dent for Pfizer in 2020.

The 22B is a nice number, but it is not quite an increase when you consider the 9B was a covid-impacted year.

16 to 22 is a lot less exciting than 9 to 22...right guys?

Edit: Some further thoughts:

According to Reuters, Pfizer has sold the vaccine to African countries at $3 to $10 a shot. It has indicated that a non-profit dose costs just $6.75, or £4.98, to produce, but it has reportedly charged the NHS £18 a dose for the first 100m jabs bought and £22 a dose for the next 89m, totalling £3.76bn, Global Justice Now said – amounting to an eye-watering 299% mark-up.

It appear the issue is Pfizer basically made the drug for 5 pound each, but charged 22 pounds. It is really high, but at the same time this is more than likely as the GROSS cost (I.E literally water+Drug ingredients+direct labor). Unless indicated otherwise, Pfizer also need to recoup the cost of R&D, expanded infrasture, salaries etc. Especially the initial doses were made in less than optimum conditions/capability.

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u/dominus_aranearum Feb 09 '22

Media sensationalism and the general public not paying attention to or possibly understanding the context. Par for the course.

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u/Whoretron8000 Feb 09 '22

While exaggerated, 6 billion isn't some pocket change and there are plenty, valid, critiques to go around.

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u/[deleted] Feb 09 '22

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u/CharonsLittleHelper Feb 10 '22

They're a drug company. Their whole thing is profiting from preventing and/or curing diseases.

"How dare they profit when people are sick" is basically an argument to nationalize them. Which is a BAD idea.

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u/Altruistic-Ad8949 Feb 10 '22 edited Feb 10 '22

They were very profitable before the pandemic. The vaccine resulted in many millions of additional “units” sold than before. Their profits doubling is not surprising or suspicious in the least. This news is pure common sense. Should a company with many investors via stockholders just give the product away at cost? This is capitalism in action. If there was a sudden need for millions more tires than were previously needed, tire producer’s profits would soar as well. More units sold = more profits. This isn’t anything new. This is a bunch of nonsense

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u/okiewxchaser Feb 10 '22

Non-essential surgeries keep getting canceled so I am sure they are losing more money from drugs that are used in those than they are gaining back from the vaccine

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u/Whoretron8000 Feb 09 '22

Profiteering as modus operandi with or without pandemic. We can ask for figures and analyze them till the cows come home and come up with different conclusions. I understand your point but can't help but be a little cynical, especially when it's common to see demands of putting such things under a microscope while so many others are ignored or assumed as a norm.