Pfizer, BioNTech and Moderna make $65,000 per minute, says rights group

The People’s Vaccine Alliance (PVA) has carried out an analysis on Pfizer, BioNTech and Moderna which suggests that the three drugmakers are making as much as $65,000 as combined profit every minute.

This conclusion was based on calculations of the firms’ own earning reports by PVA. The profit is generated from their highly successful COVID-19 vaccines.

According to the PVA, a coalition campaigning for wider access to COVID vaccines, the companies have sold the vast majority of their vaccine shots to rich countries, thereby leaving low-income nations, especially in Africa without adequate provision and supply.

It has also been estimated that the drugmakers will make swoop in pre-tax profits of $34 billion this year between them, which works out to over $1,000 a second, $65,000 a minute or $93.5 million a day.

Maaza Seyoum of African Alliance and People’s Vaccine Alliance Africa commented saying, “It is obscene that just a few companies are making millions of dollars in profit every single hour, while just two percent of people in low-income countries have been fully vaccinated against coronavirus.”

“Pfizer, BioNTech and Moderna have used their monopolies to prioritise the most profitable contracts with the richest governments, leaving low-income countries out in the cold,” she added.

Despite receiving public funding of more than $8 billion, the group said the drugmaking-trio has declined calls for vaccine technology transfer to producers in low-and middle-income countries via the World Health Organization.

98% of people in low-income countries have not been fully vaccinated as Pfizer and BioNTech have delivered less than one percent of their total supplies to low-income countries while Moderna has delivered just 0.2%, the PVA said.

In contrast, AstraZeneca and Johnson & Johnson have provided their vaccines on a not-for-profit basis, although both have announced they foresee ending this arrangement in future as the pandemic winds down.

Credit: NAIRAMETRICS

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