Pfizer and Moderna Earn 1.2 Million Won Per Second from COVID-19 Vaccines

PVA "Focused Supply to Wealthy Countries... Vaccination Rate 2% in Low-Income Countries"

Pfizer vaccine and Moderna vaccine.
Photo by Yonhap News

[Asia Economy Reporter Na Ye-eun] Pfizer, BioNTech, and Moderna, which hold exclusive rights to the mRNA vaccine technology for COVID-19, are reportedly earning $1,000 (approximately 1.18 million KRW) every second.

According to AFP on the 16th, the People's Vaccine Alliance (PVA) analyzed the self-reported revenue of Pfizer, BioNTech, and Moderna, estimating that these companies collectively earn over $1,000 per second, $65,000 per minute, and $9.35 million per day. Their pre-tax annual profits for this year are projected to reach $34 billion (approximately 40.1 trillion KRW).

The PVA, an international coalition of over 80 organizations including Oxfam, UNAIDS, and the Africa Alliance, advocates for expanded access to COVID-19 vaccines in low- and middle-income countries.

The PVA criticized the pharmaceutical companies for concentrating the majority of their vaccine supplies in wealthy countries.

Maja Sewum of PVA Africa stated, "Pfizer, BioNTech, and Moderna are prioritizing contracts with wealthy countries that maximize profits by leveraging their exclusive rights, leaving low-income countries out in the cold. It is absurd that while vaccination completion rates in low-income countries are only 2%, a few companies are making $65,000 in profit every hour."

According to the PVA, Pfizer and BioNTech have supplied less than 1% of their total COVID-19 vaccine doses to low-income countries, while Moderna has supplied only 0.2% to these countries.

The PVA also revealed, "Despite receiving over $8 billion in public funding, Pfizer, BioNTech, and Moderna have refused the World Health Organization's (WHO) request to transfer vaccine technology to pharmaceutical companies in low- and middle-income countries."

In particular, the PVA pointed out, "Moderna rejected technology transfer even under explicit pressure from the White House and WHO's request to cooperate with plans to expand vaccine production through the African mRNA hub."

Meanwhile, AstraZeneca and Johnson & Johnson declared patent waivers until the COVID-19 pandemic subsides and are supplying vaccines on a nonprofit basis.

This content was produced with the assistance of AI translation services.