Pfizer profits from COVID vaccines and treatments, reaping almost $100 billion in sales
There has been a 66% drop in COVID vaccine sales in the past quarter and the company still made about $4.4 billion in those three months.
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The pharmaceutical company Pfizer is reported to have grossed nearly $100 billion from its sales of COVID-19 vaccines and treatments, and has recently announced it plans to triple or quadruple the price once it hits the commercial market next year.
Pfizer announced in October that they would start charging $110 to $130 a shot once the government contracts run out.
With considerable help from the federal government, Pfizer is urging people in the United States to get booster shots and is using their marketing to push that, despite there being debate and discussion about whether or not the first COVID shots actually worked.
Some analysts have talked about the COVID boosters and why many people are hesitant to get them.
"Not many people are going to go out and get their fourth, fifth, and sixth boosters if there's no major new variant," said Geoff Meacham, an analyst at Bank of America in a statement. "If you've had the two mRNAs and a booster, you are pretty well protected. Do you need it annually?"
There has been a 66% drop in COVID vaccine sales in the past quarter and the company still made about $4.4 billion in those three months, according to KHN.
The outlet reports that Pfizer is using this opportunity to create and market drugs to help people with specific issues like weight loss. The company is reportedly working on two experimental diabetes pills.