Pharmaceutical giant Pfizer has just recorded the highest revenue in the company’s history thanks to the billions of dollars in profit it’s raking in from COVID-19 vaccines.
Covid products account for a large chunk of the vaccine maker’s sales and secured Pfizer’s record revenues for 2022.
A growing number of doctors are also turning away from Pfizer’s boosters.
According to the earnings release by Pfizer on January 31, full-year revenues for 2022 came in at $100.3 billion, which is an “all-time high” for the multinational corporation.
This is the first time the company has seen annual sales in excess of $100 billion, with revenues reflecting 30 percent operational growth.
Excluding contributions from COVID-19 products, Comirnaty vaccine, and Paxlovid antiviral, revenues only grew by 2 percent operationally.
The two products combined generated over $56 billion in sales for the company.
The year “2022 was a record-breaking year for Pfizer, not only in terms of revenue and earnings per share, which were the highest in our long history,” said Dr. Albert Bourla, chairman and CEO of Pfizer.
“As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we’ve ever had in such a short period of time.”
Sales of Comirnaty and Paxlovid are expected to hit their lowest levels in 2023 before getting back to growth next year “due to significant government supply on hand” at the beginning of this year, the company said.
Pfizer calculates Comirnaty sales to decline by 64 percent, to $13.5 billion this year, and Paxlovid sales to drop 58 percent, to $8 billion.
Pfizer’s results come as the company is under scrutiny following an investigative report which revealed that the firm is considering mutating the COVID-19 virus for developing new vaccines against it.
“One of the things we’re exploring is like, why don’t we just mutate it ourselves so we could create—preemptively develop new vaccines, right?” Dr. Jordon Walker, a director of research and development at Pfizer, told an undercover reporter for Project Veritas.
“If we’re going to do that, though, there’s a risk of like, as you could imagine—no one wants to be having a pharmaceutical company mutating [expletive] viruses.”
Walker insisted that Covid is going to be “a cash cow for us for a while going forward.”
Sen. Ron Johnson (R-WI) has called on Congress to investigate the Covid vaccine approval process.
Sen. Marco Rubio (R-FL) has also sent a letter to Bourla asking for more information about Pfizer’s efforts to mutate the virus.
Meanwhile, Pfizer is expected to start selling the Comirnaty Covid vaccine through commercial channels in the United States from the second half of this year.
It’s part of the company’s plan to move away from its earlier practice of selling to the government.
The firm intends to raise the price of the vaccine by around four times sometime in 2023.
While Pfizer is pushing for greater use of COVID-19 vaccines, a growing number of doctors are deciding against getting the booster jabs owing to a lack of clinical trial evidence.
“I have taken my last COVID vaccine without RCT level evidence,” Dr. Todd Lee, an infectious disease expert at McGill University, recently wrote on Twitter.
He was pointing to a lack of randomized clinical trials (RCT) for the booster vaccines.
“Pay close attention to note this isn’t anti-vaccine sentiment,” Lee, who has received three vaccine doses, stated.
“This is ‘provide [hard] evidence of benefit to justify ongoing use’ which is very different.
“It is only fair for a $30 billion a year product given to hundreds of millions.”
Meanwhile, Pfizer officials are facing a potential ban from the European Parliament due to the company’s lack of transparency regarding Covid vaccine purchase agreements during the pandemic.
On January 11, the European Parliament’s committee on Covid approved the ban proposal.
All political groups voted for the ban except for two parties.