Covid vaccine profits mint 9 new pharma billionaires
Key Excerpts from Article on Website of CNN News
Posted: February 21st, 2022
Covid-19 vaccines have created at least nine new billionaires after shares in companies producing the shots soared. Topping the list of new billionaires are Moderna CEO Stéphane Bancel and Ugur Sahin, the CEO of BioNTech, which has produced a vaccine with Pfizer (PFE). Both CEOs are now worth around $4 billion, according to an analysis by the People's Vaccine Alliance, a campaign group that includes Oxfam, UNAIDS, Global Justice Now and Amnesty International. Senior executives from China's CanSino Biologics and early investors in Moderna have also become billionaires on paper as shares skyrocketed, partly in expectation of profits earned from Covid vaccines, which also bode well for the companies' future prospects. Moderna's share price has gained more than 700% since February 2020, while BioNTech has surged 600%. CanSino Biologics' stock is up about 440% over the same period. The company's single-dose Covid-19 vaccine was approved for use in China in February. Activists said the wealth generation highlighted the stark inequality that has resulted from the pandemic. The nine new billionaires are worth a combined $19.3 billion. According to the World Health Organization, 87% of vaccine doses have gone to high- or upper middle-income countries, while low income countries have received just 0.2%. In a paper published Friday, IMF chief economist Gita Gopinath said that vaccinating 60% of the global population by mid-2022 would cost just $50 billion.