Commentary
“We beat Pharma this year,” President Joe Biden told a Milwaukee audience on Monday. The crowd roared its approval. “And it mattered,” said the president. “We’re going to change people’s lives.”
But as anyone who has watched Wall Street the last 18 months knows, the pharmaceutical industry enjoyed a historic year, especially the manufacturers of America’s two main COVID-19 vaccines. Moderna forecasts earnings of $21 billion in 2022 for sales of its COVID-19 vaccine, while Pfizer predicts it’s on course to make $32 billion from its coronavirus shots.
But something really did change American lives during the first half of Biden’s term….