Pfizer accused of Covid profiteering as first-quarter sales hit $26bn

In the first three months of the year, Pfizer made nearly $26 billion in revenues, the bulk of which came from its Covid-19 vaccine and new pill to treat the virus.

Pfizer has faced criticism over its vaccine pricing and its refusal to waive patent protection to enable others to make the jab, but covid vaccines have saved many lives around the world and relieved the pressure on health systems, but Pfizer has faced criticism over its vaccine pricing and its refusal to waive patent protection

35 people from Global Justice Now, Act-Up London, Just Treatment and Stop Aids protested against profiteering and delivered wheelbarrows full of fake money to Pfizer's UK headquarters on the day of the company's annual meeting.

The New York-based firm posted total sales of $25.7 billion in the first quarter, up from a year earlier. The Comirnaty jab, developed with Germany's BioNTech, brought in $13.2 billion, driven by global demand for jabs for children over the age of five. Pfizer and BioNTech are trying to get the vaccine approved for use in children from six months to four years old.

Paxlovid is a Covid pill for people who are at high risk of severe disease, including hospitalisation or death. The treatment received emergency approval from the US in late December and has also been approved by the UK and the EU.

Pfizer has made tens of billions of dollars from its Covid-related products, as well as the Boston-based firm Moderna, which was loss-making until it started selling a Covid-19 vaccine.

Pfizer has refused to share its technology and knowhow during the Pandemic. monopoly control over its vaccine and treatment kept a choke hold on global supply

Despite calls to allow countries in the global south to manufacture their own vaccines and treatments, Pfizer continues to put profit over people's health. Pfizer's revenues almost doubled last year and now it looks like the company's coffers are set to swell even further. At a time when millions still don't have access to vaccines or treatments for Covid-19, this continued pandemic profiteering is harrowing.

Pfizer's revenues doubled to $81.3 billion last year, and it expects to make a record $102 billion this year, half of which will come from Covid products.

Other companies, including Britain's biggest drugmaker, and a US firm, went down the not-for-profit route and priced their vaccines at cost during the swine flu epidemic. At the end of last year, AstraZeneca moved away from its not-for-profit pricing in new contracts, but insists that it is still offering equitable pricing.

Pfizer says it is offering lower prices in poorer countries. In March, it struck an agreement with Unicef to supply up to 4m treatment courses of Paxlovid to 95 low- and middle-income countries at a not-for-profit price.

Moderna will not enforce its vaccine patents in low- and middle-income countries.