Now, three years later, after the COVID-19 pandemic that swept across the world started, Pfizer, the company behind the controversial vaccine, is reporting a loss in the third quarter.
On Oct. 31, Pfizer reported an adjusted loss for the third quarter of the business year, citing slow sales of vaccines and treatments. CNBC reported that Pfizer had recorded a staggering $5.6 billion charge for inventory write-offs due to a lack of vaccine sales.
Of that $5.6 billion, $4.7 billion was made up of the COVID-19 pill, Paxlovid. According to Reuters, this loss has resulted in a 40 percent decline in their shares this year alone, and next year’s not looking good either. A total of $13.23 billion was lost in revenue.
While the rumors of COVID cases on the rise within the U.S. have been growing, Republicans like Florida. Gov. Ron DeSantis, R-Fla., and President Trump have refused to give in to the hysteria.
For example, DeSantis has doubled down on his anti-lockdown stance and dismissal of mask mandates. At the same time, President Trump has also been very opposed to lockdowns and said that big pharmaceutical companies like Pfizer should be more transparent about vaccine side effects. He also promised that when he gets reelected, there won’t be shutdowns and vaccine mandates, stating, “A lot of people feel differently about vaccines, and I think mandates are terrible.”
President Trump said, “We will not accept your lockdowns. We will not abide by your mask mandates, and we will not tolerate your vaccine mandates.”
For now, Pfizer is hoping to see an increase in profits next year thanks to their non-COVID-related business deal with Seagen. According to Reuters, this $43 billion deal with the cancer specialist company is still being reviewed by U.S. regulators.