In a report to the U.S. Securities Exchange Commission, vaccine manufacturer Pfizer wrote that sales of its COVID-19 vaccine declined by 70% in 2023.
The vaccine company pointed to “lower contracted deliveries and demand in international markets and lower U.S. government contracted deliveries, due to transition to new variant vaccines in most markets and the transition to traditional U.S. commercial market sales which began in September 2023,” as reasons for the decline, according to The Epoch Times.
Last year, Pfizer’s revenue on the vaccine was $11.2 billion. In 2022, the company’s vaccine revenue was $37 billion.
Pfizer’s total revenues decreased 42%, down to $58.5 billion from $100.33 billion.
The loss of revenue comes as the CDC recommended older adults to receive the latest booster inoculation.
“Today’s recommendation allows older adults to receive an additional dose of this season’s COVID-19 vaccine to provide added protection,” said CDC Director Mandy. “Most COVID-19 deaths and hospitalizations last year were among people 65 years and older. An additional vaccine dose can provide added protection that may have decreased over time for those at highest risk.”
Meanwhile, the U.S. government’s Countermeasures Injury Compensation Program (CICP) is backlogged by 10 years, according to a testimony given before the Select Subcommittee on the Coronavirus Pandemic.
Out of the 2,214 claims that have been reviewed as of January 1, 2024, 40 were found to be eligible for compensation. Of those, only 11 received the compensation.
