The Clap
Pfizer’s (NYSE: PFE) intended price hike for COVID vaccines is expected to push revenues up for years despite lower demand.
The Deets
Pfizer is looking to price one dose of the vaccine at $110 – $130, almost quadruple the current price.
The new price is estimated to bring in about $2.5 billion – $3 billion in annual revenue.
The price hike did not sit well with the People’s Vaccine Alliance, which labeled the price hike as “daylight robbery.”
Why this Matters
The price hike could pave the way for rivals Moderna and Novavax to hike prices as well. Pfizer’s share prices went up by almost 5% following the news, while Moderna and Novavax saw their shares jump up by around 8% and 12% respectively.
