Corporate Corruption Media ArticlesExcerpts of Key Corporate Corruption Media Articles in Major Media
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The pharmaceutical industry keeps turning up the dial on lobbying, setting massive new spending records in its intensive effort to influence Congress and the Biden administration. Yet this week, President Biden angered drugmakers when he said he supports the waiving of intellectual property protections for coronavirus vaccines. Drug and health product manufacturers, along with their national association, spent a combined $92 million to lobby the federal government from January through March. That puts the industry on track to break its spending record for the second year in a row. Not only that, but its first-quarter spending was more than double what was spent by the second-highest-spending industry, electronics companies. There are currently 1,270 registered lobbyists for pharmaceuticals and health products – more than two lobbyists for every member of Congress. Pfizer, maker of one of the three coronavirus vaccines approved for emergency use in the United States, was the biggest spender of any individual drug company. And last year, as it was developing its vaccine, the federal government agreed to pay the company $1.95 billion for the first 100 million doses it produced. The company reported it had $3.5 billion in revenue from sales of the vaccine so far this year. Pfizer was outflanked on lobbying spending only by the Pharmaceutical Research and Manufacturers of America – the national association that represents the interests of drugmakers.
Last year, racing to develop a vaccine in record time, Pfizer made a big decision: Unlike several rival manufacturers, which vowed to forgo profits on their shots during the Covid-19 pandemic, Pfizer planned to profit on its vaccine. On Tuesday, the company announced just how much money the shot is generating. The vaccine brought in $3.5 billion in revenue in the first three months of this year, nearly a quarter of its total revenue, Pfizer reported. The vaccine was, far and away, Pfizer's biggest source of revenue. The company did not disclose the profits it derived from the vaccine, but it reiterated its previous prediction that its profit margins on the vaccine would be in the high 20 percent range. That would translate into roughly $900 million in pretax vaccine profits in the first quarter. The company's vaccine is disproportionately reaching the world's rich – an outcome, so far at least, at odds with its chief executive's pledge to ensure that poorer countries "have the same access as the rest of the world" to a vaccine that is highly effective at preventing Covid-19. As of mid-April, wealthy countries had secured more than 87 percent of the more than 700 million doses of Covid-19 vaccines dispensed worldwide, while poor countries had received only 0.2 percent. Pfizer has kept the profitability of its vaccine sales opaque. The United States, for example, is paying $19.50 for each Pfizer dose. Israel agreed to pay Pfizer about $30 per dose.
Note: If Pfizer is truly concerned about global health, why are they reaping such huge profits when other companies were willing to forgo profits. And why are they not helping the economically disadvantaged countries? For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
A government study commissioned by Senator Bernie Sanders has revealed that Americans pay two to four times more on prescription medicine compared to other wealthy countries. Analysis released by the Government Acountability Office (GAO) found that US consumers and insurers paid 2.82 times more than in Canada, 4.25 times more than in Australia, and 4.36 times more than in France for 20 brand-named prescription drugs in 2020. France and Australia both operate on a universal, publicly funded healthcare system, which can explain some of the discrepancy in prescription drug prices. Canada, similar to the United States, does not provide prescription drug coverage to all of its residents. But the analysis found that US residents typically paid two to eight times more than Canadians when paying for the same prescription drug. For example, 30 tablets of Xarelto, which treats blood clots, costs $558.33 in the US but just $85.44 in Canada. When purchasing 28 tablets of Epclusa to treat Hepatitis C, an infection that attacks the liver, it costs $36,743 in the US compared to $17,023.63 in Canada, according to the analysis. But Mr Biden's $1.8tn infrastructure plan ultimately left out popular progressive initiatives that would alter the healthcare system in America, including lowering the Medicare eligibility age and allowing the federal government to directly negotiate prescription drug prices. These policy ideas were both left out despite receiving overwhelming approval from the US public.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.
The pharmaceutical industry is pouring resources into the growing political fight over generic coronavirus vaccines. Over 100 lobbyists have been mobilized to contact lawmakers and members of the Biden administration, urging them to oppose a proposed temporary waiver on intellectual property rights by the World Trade Organization that would allow generic vaccines to be produced globally. Pharmaceutical lobbyists working against the proposal include Mike McKay, a key fundraiser for House Democrats, now working on retainer for Pfizer, as well as several former staff members to the U.S. Office of Trade Representative, which oversees negotiations with the WTO. Several trade groups funded by pharmaceutical firms have also focused closely on defeating the generic proposal, new disclosures show. The U.S. Chamber of Commerce, the Business Roundtable, and the International Intellectual Property Alliance, which all receive drug company money, have dispatched dozens of lobbyists to oppose the initiative. The push has been followed by a number of influential voices taking the side of the drug lobby. Last week, Sen. Thom Tillis, R-N.C., released a letter demanding that the administration "oppose any and all efforts aimed at waiving intellectual property rights." Currently, only 1 percent of coronavirus vaccines are going to low-income countries, and projections show much of the world's population may not be vaccinated until 2023 or 2024.
Note: Has it ever been more clear that big Pharma places profits above health, even when it might cause huge numbers of people to die? For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption and coronavirus vaccines from reliable major media sources.
It's only when the tide goes out that you learn who's been swimming naked," the billionaire investor Warren Buffett has famously said. During the crash of 2008, the whole world learned just how dangerously nude Wall Street was. Now it may be happening again – this time not with residential mortgage-backed securities, based on loans for homes, but commercial mortgage-backed securities, or CMBS, based on loans for businesses. John M. Griffin and Alex Priest are, respectively, a prominent professor of finance and a Ph.D. candidate at the McCombs School of Business at the University of Texas at Austin. In a study released last November, they sampled almost 40,000 CMBS loans with a market capitalization of $650 billion underwritten from the beginning of 2013 to the end of 2019. "Overall," they write, "actual net operating income falls short of underwritten income by 5% or more in 28% of loans." This was just the average, however: Some originators – including an unusual company called Ladder Capital as well as the Swiss bank UBS, Goldman Sachs, Citigroup, and Morgan Stanley – were significantly worse, "having more than 35% of their loans exhibiting 5% or greater income overstatement." With almost every lender, including Ladder, the overstatement increased as time went on. These income overstatements might cause defaults under any circumstances. But it has been particularly dangerous in a severe economic downturn like the one caused by the coronavirus pandemic.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
Research Medical's owner, HCA Healthcare Inc., is a profitable, publicly traded network of 185 hospitals. Even in the year of Covid-19, 2020, the company generated $51.5 billion in revenue and increased its pretax earnings by 3.6 percent. That performance helped boost the total compensation HCA's chief executive, Samuel N. Hazen, received last year to $30.4 million, a 13 percent rise from 2019. The total worth of his compensation package equaled 556 times the compensation received by the median employee at HCA – $54,651. The figures highlight the growing CEO pay gap, a problem among many public companies according to some investors and workers and even a few CEOs. In 2019, for example, the average pay ratio among 350 large American companies was 320-to-1, according to research by the Economic Policy Institute. In 1989, the average was 61-to-1. Because [Jamelle] Brown, [an] emergency department worker, makes even less than the median, Hazen got roughly 1,000 times Brown's pay. Brown says he lives with his sister because he doesn't earn enough from his job at Research Medical to pay for his own apartment. HCA isn't alone in paying its chief executive vastly more than what rank-and-file workers earn. Acuity Brands, an industrial technology company, paid its CEO, Neil M. Ashe, $21 million last year, or 2,316 times the median employee's pay. Starbucks ... paid its CEO, Kevin Johnson, $14.7 million last year. That was 1,211 times the pay of its median employee.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Asked about the future of Parkinson's disease in the US, Dr Ray Dorsey says, "We're on the tip of a very, very large iceberg." Dorsey, a neurologist ... believes a Parkinson's epidemic is on the horizon. Parkinson's is already the fastest-growing neurological disorder in the world; in the US, the number of people with Parkinson's has increased 35% the last 10 years, says Dorsey, and "We think over the next 25 years it will double again." Researchers increasingly believe that one factor is environmental exposure to trichloroethylene (TCE), a chemical compound used in industrial degreasing, dry-cleaning and household products such as some shoe polishes and carpet cleaners. To date, the clearest evidence around the risk of TCE to human health is derived from workers who are exposed to the chemical in the work-place. A 2008 peer-reviewed study in the Annals of Neurology, for example, found that TCE is "a risk factor for parkinsonism." And a 2011 study echoed those results, finding "a six-fold increase in the risk of developing Parkinson's in individuals exposed in the workplace to trichloroethylene (TCE)." While some countries heavily regulate TCE (its use is banned in the EU without special authorization) the EPA estimates that 250m lb of the chemical are still used annually in the US. TCE is currently estimated to be present in about 30% of US groundwater. Using activated carbon filtration devices (like Brita filters) can help reduce TCE in drinking water.
Note: For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America's largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill – sometimes to zero – thanks to a range of legal deductions and exemptions that have become staples of the tax code. Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy. Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates. Publicly traded corporations are required to file financial reports. The institute used that data along with other information supplied by each company. The $2.2 trillion coronavirus relief act ... contained a provision that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years. Tax avoidance strategies include a mix of old standards and new innovations. Companies, for example, saved billions by allowing top executives to buy discounted stock options in the future and then deducting their value as a loss.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
In the coming months, Linda Thomas-Greenfield, President Joe Biden's ambassador to the United Nations, will hear from a growing chorus of developing nations about the foundering efforts to distribute the coronavirus vaccine globally. The nations, many of which have not even begun vaccinating their populations, are demanding that the U.S. support proposals to temporarily waive certain patent and intellectual property rights so that generic coronavirus vaccines can be produced. The proposals have been fiercely opposed by American drugmakers, including Pfizer. ASG ... represents Pfizer. Many leading figures in Biden's administration, including key White House advisers, State Department leaders, and health care officials have financial stake in or professional ties to vaccine manufacturers, which are now lobbying to prevent policies that would cut into future profits over the vaccine. ASG in particular has unusual amounts of sway in the Biden administration. State Department officials Victoria Nuland, Wendy Sherman, Uzra Zeya, and Molly Montgomery previously worked at ASG, as did Philip Gordon, Vice President Kamala Harris's national security adviser. The pharmaceutical industry, in a bid to shield an expected financial windfall, has pressed the Biden administration not only to oppose the waiver, but also to impose trade-related sanctions on countries that back [a] proposal or move to manufacture coronavirus vaccines without permission from patent holders.
AstraZeneca may have included "outdated information" in touting the effectiveness of its COVID-19 vaccine in a U.S. study, federal health officials said Tuesday in an unusual public rift that could further erode confidence in the shot. In an extraordinary rebuke, just hours after AstraZeneca on Monday announced its vaccine worked well in the U.S. study, an independent panel that oversees the study scolded the company for cherry-picking data, according to a senior administration official. The panel wrote to AstraZeneca and U.S. health leaders that it was concerned the company chose to use data that was outdated and potentially misleading instead of the most recent and complete findings. The NIH's Dr. Anthony Fauci told ABC's "Good Morning America" that the incident "really is what you call an unforced error" and that he expects the discrepancy to be straightened out. But that nitty-gritty seldom is seen by the public, something now exposed by the extraordinary microscope being applied to development of the world's COVID-19 vaccines. The vaccine is used widely in Britain, across the European continent and in other countries, but its rollout was troubled by inconsistent study reports about its effectiveness, and then last week a scare about blood clots that had some countries temporarily pausing inoculations. Company executives refused repeated requests from reporters to provide a breakdown of the 141 COVID-19 cases it was using to make the case for the shot's effectiveness.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
The end of humankind? It may be coming sooner than we think, thanks to hormone-disrupting chemicals that are decimating fertility at an alarming rate around the globe. A new book called Countdown, by Shanna Swan, an environmental and reproductive epidemiologist ... finds that sperm counts have dropped almost 60% since 1973. Following the trajectory we are on, Swan's research suggests sperm counts could reach zero by 2045. Zero. Let that sink in. That would mean no babies. No reproduction. No more humans. Forgive me for asking: why isn't the UN calling an emergency meeting on this right now? The chemicals to blame for this crisis are found in everything from plastic containers and food wrapping, to waterproof clothes and fragrances in cleaning products, to soaps and shampoos, to electronics and carpeting. Some of them, called PFAS, are known as "forever chemicals", because they don't breakdown in the environment or the human body. They just accumulate and accumulate – doing more and more damage. Swan's book is staggering in its findings. "In some parts of the world, the average twentysomething woman today is less fertile than her grandmother was at 35," Swan writes. In addition to that, Swan finds that, on average, a man today will have half of the sperm his grandfather had. Given everything we know about these chemicals, why isn't more being done? Right now, there is a paltry patchwork of inadequate legislation responding to this threat.
The factory that Pfizer Inc. plans to use to boost production of its covid-19 vaccine for the massive U.S. inoculation effort was cited by federal inspectors last year for repeated quality-control violations. Food and Drug Administration inspectors visited the McPherson, Kansas, plant at the end of 2019 into January 2020, according to an inspection report. They found the drug giant released medications for sale after failing to thoroughly review quality issues that arose in routine testing, the report shows. Additionally, the report says inspectors found bacteria and mold in supposedly sterile areas, an issue seen in previous visits to the facility. And the plant failed to properly sample drug products to ensure they didn't have excessive levels of certain toxins, the inspectors wrote. The FDA sent Pfizer a warning letter, the agency's strongest rebuke, concerning the factory in 2017 after the agency detected issues similar to those it found in 2020. The FDA concluded that Pfizer had addressed the violations in June 2018, a month before it returned to the facility and found more problems. The company plans to supply the U.S. with 200 million doses of its two-shot vaccine regimen by the end of May. The FDA halted all inspections of drugmaking facilities at the beginning of the Covid-19 pandemic, though it has since resumed some domestic visits. Pfizer's plant in Kansas is also authorized to make the Covid-19 treatment remdesivir.
President Joe Biden's administration is being asked to punish Hungary, Colombia, Chile, and other countries for seeking to ramp up the production of Covid-19 vaccines and therapeutics without express permission from pharmaceutical companies. The sanctions are being urged by the drug industry, which has filed hundreds of pages of documents to the Office of the U.S. Trade Representative outlining the alleged threat posed by any effort to challenge "basic intellectual property protections" in the response to the coronavirus pandemic. The drug industry has sharply criticized any attempt to share vaccine patents or the technological knowledge needed to manufacture them, despite global need. The strident corporate opposition to any intellectual property flexibility has rankled public health advocates, many of whom note that much of the vaccine technology has been financed by the public sector. The Pfizer vaccine, noted Prabhala, was developed in partnership with the European firm BioNTech, which received $445 million from the German government to help accelerate vaccine development and manufacturing. The U.S. government provided about $1 billion for the research and testing by Moderna to create its coronavirus vaccine. Johnson & Johnson received over $1.45 billion in funding from the Biomedical Advanced Research and Development Authority, a division of the U.S. Department of Health and Human Services, for its recently approved Covid-19 vaccine.
A nursing home accused of illegally "dumping" patients onto city streets and into ill-equipped homes in order to take in more lucrative COVID-19 patients will nearly double its nursing staff, allow increased oversight and pay $275,000 in penalties and costs to settle a lawsuit brought by the Los Angeles city attorney's office. City Attorney Mike Feuer on Monday announced the legal agreement with the Lakeview Terrace skilled nursing facility, which he had accused of "sustained" and "intentional" misconduct in failing to adequately tend to some patients, while pushing others out of the 99-bed home. The city alleged in its lawsuit that the facility west of downtown had an incentive to discharge long-term residents in order to make room for COVID-19 patients, who brought Lakeview Terrace much higher reimbursement payments from Medicare. In one instance, the lawsuit said, an 88-year-old man with dementia was transferred from the nursing home in the Westlake neighborhood to a boarding house in Van Nuys, only to be found a day later wandering the streets, profoundly confused. Health care experts have warned that the money skilled nursing facilities are paid under a plan by the federal government to care for people stricken by the coronavirus would lead to patient-dumping by unscrupulous operators. The reimbursement plan pays more than four times more for COVID-19 patients than homes can charge for long-term residents with relatively mild conditions.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
Sperm counts have been dropping; infant boys are developing more genital abnormalities; more girls are experiencing early puberty; and adult women appear to be suffering declining egg quality and more miscarriages. It's not just humans. Scientists report genital anomalies in a range of species, including unusually small penises in alligators, otters and minks. In some areas, significant numbers of fish, frogs and turtles have exhibited both male and female organs. Experts say the problem is a class of chemicals called endocrine disruptors, which mimic the body's hormones and thus fool our cells. This is a particular problem for fetuses as they sexually differentiate early in pregnancy. Endocrine disruptors can wreak reproductive havoc. These endocrine disruptors are everywhere: plastics, shampoos, cosmetics, cushions, pesticides, canned foods and A.T.M. receipts. They often aren't on labels and can be difficult to avoid. Chemical companies ... lobby against even safety testing of endocrine disruptors, so that we have little idea if products we use each day are damaging our bodies or our children. Still, the Endocrine Society, the Pediatric Endocrine Society, the President's Cancer Panel and the World Health Organization have all warned about endocrine disruptors, and Europe and Canada have moved to regulate them. But in the United States, Congress and the Trump administration seemed to listen more to industry lobbyists than to independent scientists.
In "Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System," [Judge Jed S.] Rakoff reaches far beyond corporate boardrooms to highlight an array of shortcomings within the criminal justice system. His proposed fixes are worthy of consideration but also lay bare a harsh reality: The entrenched interests tolerating the system's inequities and, in some cases, profiting from the status quo pose significant obstacles to reform. Rakoff realized that America's "system of justice is failing its mission" after becoming a federal district court judge a quarter-century ago. What's the nature of this failure? The country imprisons millions of indigent Americans yet routinely allows white-collar criminals to avoid punishment. "To a federal judge," he declares, the government's reluctance to hold executives accountable and instead enter into "cosmetic prosecution agreements" with corporations that are repeatedly violated and unenforced "is disturbing ... in what it says about the DOJ's apparent disregard for equality under the law." Rakoff fittingly cites Pfizer to exemplify his point. The four deferred-prosecution agreements between the pharmaceutical giant and federal authorities from 2002 to 2009 – all devised to prevent future misconduct – failed to stop the company from flouting the law. Through it all, Pfizer's executives went unpunished, and the fines the company paid represented a fraction of its ill-gotten gains.
Note: For a much deeper analysis and discussion of Judge Rakoff's highly revealing book by courageous journalist Matt Taibbi, see this excellent essay. Consider subscribing to Taibbi's excellent work. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the court system and in Big Pharma from reliable major media sources.
Monsanto owner Bayer AG and industry lobbyist CropLife America have been working closely with US officials to pressure Mexico into abandoning its intended ban on glyphosate, a pesticide linked to cancer that is the key ingredient in Monsanto's Roundup weedkillers. The moves to protect glyphosate shipments to Mexico have played out over the last 18 months, a period in which Bayer was negotiating an $11bn settlement of legal claims brought by people in the US who say they developed non-Hodgkin lymphoma due to exposure to the company's glyphosate-based products. The pressure on Mexico is similar to actions Bayer and chemical industry lobbyists took to kill a glyphosate ban planned by Thailand in 2019. Records show alarm starting to grow in the latter part of 2019 after Mexico said it was refusing imports of glyphosate from China. In denying a permit for an import shipment, Mexican officials cited the "precautionary principle", which generally refers to a policy of erring on the side of caution. Industry executives told US government officials that they feared restricting glyphosate would lead to limits on other pesticides and could set a precedent for other countries to do the same. Mexico may also reduce the levels of pesticide residues allowed in food, industry executives warned. "If Mexico extends the precautionary principle" to pesticide residue levels in food, "$20bn in US annual agricultural exports to Mexico will be jeopardized", [CropLife president Chris] Novak wrote to US officials.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
A congressional report found many of the products made by the country's largest commercial baby food manufacturers contain significant levels of toxic heavy metals, including arsenic, lead, cadmium and mercury, which can endanger infant neurological development. The report ... from the House Oversight Committee's subcommittee on economic and consumer policy found heavy metals in rice cereals, sweet potato puree, juices and sweet snack puffs made by some of the most trusted names in baby food. Gerber, Beech-Nut, HappyBABY (made by Nurture) and Earth's Best Organic baby foods (made by Hain Celestial Group) complied with the committee's request to submit internal testing documents. Campbell Soup, which sells Plum Organics baby foods, Walmart (its private brand is Parent's Choice) and Sprout Foods declined to cooperate. Although there are no maximum arsenic levels established for baby food ... the FDA has set the maximum allowable levels in bottled water at 10 ppb of inorganic arsenic. Hain ... used many ingredients in its baby foods with as much as 309 ppb of arsenic. Lead levels in baby foods should not exceed 1 ppb. Beech-Nut used ingredients containing as much as 886.9 parts per billion of lead. In addition, Gerber used carrots containing as much as 87 ppb of cadmium and Nurture sold baby foods with as much as 10 ppb of mercury. And even when baby foods tested over companies' internal limits for these heavy metals, they were sold anyway.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
Google's YouTube has ratcheted up censorship to a new level by removing two videos from a U.S. Senate committee. They were from a Dec. 8 Committee on Homeland Security and Governmental Affairs hearing on early treatment of Covid-19. One was a 30-minute summary; the other was the opening statement of critical-care specialist Pierre Kory. Dr. Kory is part of a world-renowned group of physicians who developed a groundbreaking use of corticosteroids to treat hospitalized Covid patients. His testimony at a May Senate hearing helped doctors rethink treatment protocols and saved lives. At the December hearing, he presented evidence regarding the use of ivermectin, a cheap and widely available drug that treats tropical diseases caused by parasites, for prevention and early treatment of Covid-19. He described a just-published study from Argentina in which about 800 health-care workers received ivermectin and 400 didn't. Not one of the 800 contracted Covid-19; 58% of the 400 did. Before being removed from YouTube and other websites, Dr. Kory's opening statement had been viewed by more than eight million people. Unfortunately, government health agencies don't share that interest in early treatment. A year into the pandemic, NIH treatment guidelines for Covid patients are to go home, isolate yourself and do nothing other than monitor your illness. The censors at YouTube have decided for all of us that the American public shouldn't be able to hear what senators heard.
Note: You can access the entire article free of charge on this webpage. Can it be any more blatant that facebook is in cahoots with big Pharma in not wanting cheap, effective treatments for COVID-19? Watch an excellent, eye-opening 14-minute interview with a facebook insider revealing how censorship works. Read about how Silicon Valley is shutting down even live streams by legitimate journalists. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and media manipulation from reliable major media sources.
Pfizer expects to sell $15 billion worth of Covid-19 vaccines in 2021. That would make it the second-highest revenue-generating drug anytime, anywhere, according to industry reports. The maker of the first Covid-19 vaccine to be approved for use in advanced markets has released its earning forecasts for 2021 today. Pfizer expects to earn between $59 billion and $61 billion - up from $42 billion it made in 2020. Sales of the vaccine are set to bring in about a fourth of Pfizer's total revenue this year. That would be nearly as much as its three best-selling products combined. The company is expecting profit margins for the vaccine to be between 25% and 30% which means profits from the vaccine could be around $4 billion. All of Pfizer's costs and profits from the vaccine are split evenly with BioNTech, the biotech company that helped develop the treatment. There are is only one drug in the world that sells more - Humira, a prescription medication for arthritis. Pfizer plans on selling 2 billion doses of the vaccine this year, but that demand should subside in coming years so the revenue of Covid-19 vaccine won't be stable, Pfizer's CEO Albert Bourla said on an call with analysts and investors. The company expects to continue profiting from it by selling booster doses, including ones required to shield against new variants of the virus, Bourla said. Further, Pfizer is pursuing more avenues to employ the mRNA technology underlying the vaccine, including a flu vaccine and other therapeutic applications.
Note: Read more in this revealing Reuters article. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.