'Companies like Pfizer will always put high profit before lives,' said MohgaKamalYanni after the pharma giant announced record second-quarter revenue, much of it from Covid-19 vaccines and treatments still scarce in large parts of the Global South.
"Companies like Pfizer will always put high profit before lives," said one campaigner after the pharma giant announced record second-quarter revenue.Health equity campaigners on Thursday called for a fairer system of developing and distributing Covid-19 medications after pharmaceutical company Pfizer announced record second-quarter revenue, more than half of which is attributable to sales of coronavirus vaccines and treatments that remain out of reach for much of the Global South.
"Millions of people in low- and middle-income countries faced death and devastation without access to vaccines while Pfizer sold doses to the highest bidders."Thursday its adjusted earnings for the second quarter were $2.04 per share, a 92% increase from the same period last year and well ahead of a consensus forecast of $1.79 per share. The company's revenue grew by 47% to $27.7 billion compared to the second quarter last year, while its net income soared 78% to $9.9 billion.
Additionally, during the first half of 2022, Pfizer has returned $6.5 billion to shareholders through stock buybacks and dividends, compared to $5.1 billion invested in research and development, belying Big Pharma claims that massive profits are imperative for the creation of new medicines. "Pfizer is set for an obscene $100 billion pandemic windfall in 2022, even as the world remains billions of doses away from vaccinating everyone," Tim Bierley, pharma campaigner at the U.K.-based advocacy group Global Justice Now,in a statement."After 18 months of refusing to share its lifesaving vaccine technology with countries in the Global South, now we face a situation where huge parts of the world can't access Pfizer's lifesaving Covid-19 treatment.
"Two years of terrible vaccine inequality have led to hundreds of thousands of unnecessary deaths, yet the only lesson Pfizer has learned is that billions can be made from a publicly funded medicine," Bierley added."As leaders consider how we prepare for future pandemics, the priority must be to replace this pharmaceutical model, which illogically rewards the hoarding of scientific knowledge.
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