STAT+: During the pandemic, were great vaccines bad business? A company-by-company review

STAT March 25, 2024
Matthew Herper

It’s been four years since Covid-19 emerged, igniting a pandemic that killed millions of people and brought the world to its knees. A key factor in taming the pandemic was the creation of effective vaccines, which have saved millions of lives.

You’d think developing a successful vaccine would be an unmitigated win, from a financial perspective. And, indeed, for Pfizer and its partner BioNTech, as well as for Moderna — whose vaccines were the most widely used in the United States and much of the world — the revenues generated were absolutely staggering. But...

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