Pfizer’s Full FDA Approval Leading to Greater Profits [most Americans continue to believe the vaccines are "free" and offered as a public service out of the goodness of Pfizer and Moderna's hearts]

Ahead of last weeks announcement from the Food and Drug Administration that the department would grant full approval of the Pfizer-BioNTec COVID-19 vaccine, Pfizer had already reported a blockbuster year of profits from its vaccine. Now with full FDA approval, plus authorization for a third booster dose, Pfizer could see even greater revenue. 

Pfizer reported $5.6 billion in net income during the second quarter of 2021 — that’s up more than $2 billion (from $3.5 billion) from its second quarter of 2020 report to the Securities and Exchange Commission. In the first half of 2021, Pfizer reported nearly $10.5 billion in net income. The company brought in $6.9 billion in the first six months of 2020. 

As the pharmaceutical company’s income and reputation have skyrocketed from bringing the first COVID-19 vaccine to market, the company’s lobbying efforts have increased as well. In 2020, Pfizer spent $13.2 million on its lobbying efforts — that’s up from $11 million in 2019 and the most the company has spent on lobbying since 2009 during the debate over the Affordable Care Act. The company was the second highest spender in the pharmaceutical and health products industry, with Pharmaceutical Research & Manufacturers of America spending more than $25.9 million on lobbying efforts in 2020. So far, Pfizer has spent $6.7 million on lobbying efforts in 2021, the same pace the company set in 2020. 

Pfizer spent much of 2020 lobbying the Centers for Disease Control and Prevention and the FDA while the two departments weighed recommending and authorizing its vaccine for emergency use.  [MORE]