Taxpayers fund huge profits for Pfizer in latest reports
In new filings, Pfizer is reporting a significant level of profit, with profits still yet to be made. Not because the company was highly successful with its overall business, but because of the COVID vaccine and the American taxpayer.
Pfizer reported $36.8 billion in 2021 sales of its COVID vaccine. Not only that, it reported that it will profit another $30+ billion this year. It’s a massive amount of profit for the organization and significant year-over-year growth. The organization also expects a significant profit from its antiviral COVID pills Paxlovid.
But the real question should be exactly who profited from the Pfizer vaccine? It’s obvious that the organization profited a significant amount.
As we have previously shared here at The Liberty Loft, there are significant financial ties across Congress with the various pharmaceutical companies. Many of them help fund campaigns and special interest projects for members of Congress on both sides of the political aisle.
The losers in the whole deal? The American taxpayer.
Pfizer did not make its billions of dollars in the free market. It did not have competition to sell its vaccines to various businesses around the country. Instead, it sold its vaccines to the federal government. The same federal government helped approve, distribute, and control every aspect of the vaccines.
The move saved Pfizer millions of dollars in logistical expense. It helped Pfizer have a guaranteed source of revenue and a path to administer the vaccines. Plus, how awesome is it for business when the federal government helps you push incremental doses of the vaccine?
The US government has purchased millions of doses, not just for distribution in the US, but also to distribute to countries abroad. That burden is not on the other countries, but rather the American taxpayer.
Did Pfizer pay any of its profits back to the American taxpayers? Absolutely not. There have been no discussions about how Pfizer should reimburse the American taxpayer for providing for its cash haul in 2021 and 2022.
Content syndicated from TheLibertyLoft.com with permission.