Thursday, August 04, 2022

Big Pharma - Big Profits

 Moderna reported $4.7 billion in second-quarter sales—a 9% increase over the same period last year—despite taking a nearly half-billion-dollar hit for write-downs on expired or soon-to-expire vaccine doses. 

Nearly all of the company's revenue came from sales of its Covid-19 vaccine.

CNBC reports Moderna is also sitting atop an $18 billion cash pile, and intends to buy back $3 billion worth of its own stock. 

Among the at least nine new billionaires created by pandemic-related capitalism are Moderna CEO Stéphane Bancel, Moderna co-founder Noubar Afeyan, and immunologist and Moderna founding investor Timothy Springer.

Mohga Kamal-Yanni, policy co-lead for the People's Vaccine Alliance, said"For the company's newly created billionaires, this pandemic has been a lucrative smash-and-grab operation."

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