Big Pharma is facing a reckoning as they face a sales cliff with demand for the COVID vaccine projected to plummet by the end of the year.
The world’s largest pharmaceutical companies have raked in billions from the COVID-19 pandemic over the past two years, after governments around the world mandated vaccines for their populations.
The once massive sales of vaccines and treatments to treat the pandemic are expected to plunge in 2023, however, with investors pressuring pharmaceutical executives to now spend their windfalls carefully, Reuters reported.
Major drugmakers such as Pfizer, BioNTech, Moderna, Gilead Sciences, AstraZeneca, and Merck are estimated to have made about $100 billion in profits from COVID vaccines last year….