Pfizer and Moderna have raised the prices of their respective Covid vaccines for European Union, the Financial Times reported.
Pharmaceutical giants renegotiated their covid vaccine supply contract with the EU citing global inflation, supply chain bottleneck and a high demand for the vaccines. A similar price hike is expected in other markets.
As per the report, a Pfizer-BioNTech COVID-19 vaccine shot is now priced at 19.50 euros, an increase from the previous cost of 15.50 euros, while a Moderna shot is now priced at 21.49 euros.
The terms of the vaccine supply deals were reportedly renegotiated after Phase 3 clinical trial data showed vaccines from both companies are more effective than some rivals. Pfizer-BioNTech COVID-19 vaccine’s late-stage study showed vaccine efficacy of 95%, while Moderna’s vaccine in late stage study showed efficacy of 94.1%.
In June, the EU puhad rchased an additional 150 million doses of Moderna’s COVID-19 vaccine, bringing its confirmed order commitment to 460 million doses. As per the terms of the deal, delivery of Moderna’s updated variant booster vaccine candidate will begin in 2022.
Meanwhile, Pfizer recently raised its outlook for fiscal 2021 earnings and revenues reflecting its updated expectations for contributions mainly from Covid vaccine BNT162b2. The company now anticipates 2021 revenues of around $33.5 billion for BNT162b2, reflecting 2.1 billion doses expected to be delivered in 2021 under its signed contracts as of mid-July 2021. This is higher than previously expected revenues of approximately $26 billion.
Based on current projections, Pfizer and BioNTech expect to manufacture in total up to 3 billion doses by the end of December 2021. This includes its pledge of 2 billion doses to low- and middle-income countries in 2021. In June, Pfizer and BioNTech announced plan to provide 500 million doses of their COVID-19 vaccine to U.S. government for donation to the poorest nations.
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