Vaccine maker Pfizer faces accusations of 'pandemic profiteering' as profits double

In 2021, Pfizer's annual profits were more than double what they were in 2020. The company brought in $22 billion in profits in 2020. Vaccine sales accounted for 36.8 billion of the $81.3 billion in annual revenues.

"2021 was a watershed year for Pfizer," said Chief Executive Albert Bourla in a statement. "Our successes in leading the fight against COVID-19 have not only made a positive difference in the world; I believe they have fundamentally changed our company forever."

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However, the bumper sales prompted accusations of "pandemic profiteering" from campaigners. Pfizer's revenue of $81bn is more than the GDP of most countries, according to Global Justice Now, which accuses the company of "ripping off public health systems."

Worldwide, the vaccines produced by Pfizer Covid, US rival Moderna, and Britain's AstraZeneca have saved millions of lives.

Pharmaceutical companies have, however, been accused of not sharing their vaccine recipes, which would allow drugmakers in poorer countries to produce cheaper versions of their products.

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Global Justice Now pointed out that BioNTech invented Pfizer's COVID-19 vaccine, which was funded by a €100 million (£84 million) loan from the European Investment Bank and a €375 million German government grant.

According to Tim Bierley, a pharma campaigner for the group, mRNA vaccines should have revolutionised the global Covid response, but Pfizer is withholding this essential medical innovation from the world, ripping public health systems off for an "eye-watering mark-up."

As Pfizer reported a more than doubling of annual profits on strong vaccine sales, the giant pharma company has also forecasted more than $50 billion in sales for COVID-19 vaccine and therapeutic by 2022.

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Pfizer, which along with BioNTech won approval for the first vaccine to combat the deadly virus, sees slightly lower revenue from the vaccine in 2022 compared to the previous year, but huge growth from the company's COVID-19 pill Paxlovid.

The results are the latest proof of how the Coronavirus has transformed Pfizer. It predicted just $15 billion in vaccine sales for COVID-19 a year ago, but ended up selling more than twice that amount after increasing its forecast repeatedly.

(With inputs from agency)