NEW YORK, May 5 ― Pfizer sharply increased its 2021 profit projections yesterday, citing much higher Covid-19 vaccine sales which are on track to provide a “durable” revenue stream in the wake of the pandemic. The drugmaker reported a jump in first-quarter profits based on surging revenues,...
Wednesday, 05 May 2021 07:18 AM MYT
But the surging profits have drawn criticism as governments face pressure to step in to ensure vaccines are provided to underserved countries. Pfizer has won wide praise for its technological prowess in developing a game-changing vaccine in record time. However, critics called the profits troubling given the divide in vaccine availability between rich and poor countries.
Biden also said he was ready to “immediately” begin vaccinations for 12 to 15-year-olds as soon as Pfizer's Covid shot is approved by regulators for the age group.Pfizer reported net income of US$4.9 billion, up 45 per cent from the same period of the prior year. The company has reached an agreement to provide up to 40 million doses for Covax, a globally-pooled coronavirus vaccine procurement effort aimed at providing vaccines to low- and middle-income economies.
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