COVID Vaccine Business Brings $36 Billion in Profits to Pfizer

The latest COVID vaccine statistics for the State of New Jersey announced by Governor Phil Murphy today show a total of 12,576,325 doses have been administered as of 9:30 this morning.  A total of 6,073,883 people who live, work or study in New Jersey have been fully vaccinated.

Children as young as age five through eleven are now eligible to be vaccinated.  That word coming Friday from the U.S. Food and Drug Administration which granted emergency use for Pfizer.

It’s a big business for manufacturers of the COVID vaccine, especially for Pfizer, which reported on Tuesday that their earnings and sales have more than doubled during the past quarter.  Pfizer reports an adjusted earnings of, get this, $7.7 billion, up by 133% from this time a year ago.  Revenue skyrocketed for the company, up 134% to $24.1 billion.

According to a CNN report, the vaccine business “by itself was responsible for more than 60% of the company’s sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. The company said its COVID vaccine sales accounted for $13 billion of that revenue.  Revenue outside of its COVID vaccine business was up a far more modest 7%.”

CNN goes on to say, “This year, the COVID vaccine has brought in revenue of $24.3 billion.  And Pfizer said it expects a total of $36 billion from the vaccine for all of 2021 – nearly $12 billion more in revenue the final quarter of the year.  And it said based on contracts it now has signed it expects revenue $29 billion from the COVID vaccine in 2022.  And that’s not necessarily all it will bring in.”

Bottom line…the coronavirus pandemic, which has affected so many people who have lost loved ones, has been a boon financially for Pfizer.