Reuters: Pharmaceutical companies’ revenues from COVID-19 vaccines and drugs will fall by two-thirds in 2023
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In 2022, the largest pharmaceutical companies, including Pfizer, BioNTech, Moderna, Gilead, AstraZeneca and Merck, earned about $100 billion from COVID-19 vaccines and drugs. It’s counting Reuters, based on data from the companies themselves and Refinitiv analysts. Analysts and companies expect such revenues to fall by two-thirds this year.
This is due to a number of reasons: the accumulation of stocks of such vaccines and drugs, a high level of herd immunity, and others. “We remain skeptical about the idea that revenue from COVID drugs will grow in 2024 and beyond,” said JPMorgan analyst Chris Schott of Pfizer.
Experts liken this to a so-called patent bust, where companies run out of patents on best-selling drugs and face competition from generics. “When it comes to the development of traditional medicines and vaccines and the duration of their sales, this process is usually much more extended. It’s very, very concentrated (in the case of COVID-19 vaccines and drugs.— ”b”),” said Morningstar analyst Damien Conover.
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