Pfizer’s Chief Financial Officer has described Covid as a “multi-billion dollar franchise” – and expects profits to continue soaring as the firm prepares to stick a 10,000% mark-up on its vaccine, (yes, you did read that right) to go with the $120 Billion they've already made from it.
The Mail reported that Pfizer's CFO 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”.
The CFO said he expects the Covid virus to be “somewhat like a flu… but more deadly” – meaning therapeutics will still have a massive role in controlling the virus. So far Pfizer 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% 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 was already in a good of financial position that it could take some loss. Maybarduk also said that the firm has already made an “obscene” amount of money, and will be “okay” if they do not meet revenue projections that were likely inflated anyway.
Pfizer was an early winner during the pandemic when it became the first company to get a COVID-19 vaccine approved for the U.S. 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)…. Contracts signed by the U.S. 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 CFO David Denton told investors: “I think if you look out longer term, the franchise is going to be a multibillion-dollar franchise in the respect that this is going to be somewhat like a flu, sustained flu, but actually more deadly than the flu. I think the products, both from a vaccine and the therapy perspective that Pfizer has developed, are going to be quite relevant for many years to come,” he said.
The news that Pfizer are continuing to make a hug profits after an avalanche of reports that revealed the product was never tested to see if it stopped transmission, or that the company was perfectly aware of the risk of heart attacks and organ failure in trials, that the company falsified the test results; releasing the product in full knowledge of the dangers then attempted to cover up the truth with the aid of the FDA, has infuriated many who have renewed calls for the murderous charade to be stopped and those who perpetrated the crime brought to justice.