Pharmaceutical firms rake in billions with COVID jabs

Pharmaceutical firms rake in billions with COVID jabs

PARIS: COVID vaccines have brought billions of dollars to the coffers of pharmaceutical companies. Germany’s BioNTech, maker with partner Pfizer of the pioneering mRNA jab, raised its vaccine revenue forecast for 2021 in its latest earnings report on Monday. Here are the numbers for the companies that publish financial results:

Biggest winners: Pfizer and BioNTech

US firm Pfizer and BioNTech got a headstart over rivals as they were the first in the western world to announce positive results from clinical trials of their vaccine last year. They were also first to get authorization from US and European Union regulators to sell their shot.

Pfizer has earned more than its competitors, raking in $10.8 billion (9.2 billion euros) in the first half of this year. The US company has raised its outlook for 2021, expecting to make $33.5 billion in sales for the full year. BioNTech reported yesterday revenues of $7.3 billion euros in the first half. Unlike its larger partner, the company’s only product on sale is the coronavirus vaccine. BioNTech expects vaccine revenues to reach 15.9 billion euros for the full year, up from a previous estimate of 9.8 billion euros.

Moderna the other mRNA champion

US startup Moderna is the only other firm