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Pfizer and Moderna raise prices for their Covid vaccines: What you need to know

Pfizer and Moderna have reportedly hiked the prices for their Covid vaccines in Europe. Currently, the two companies are making billions of dollars of profit from their vaccines thought the world. According to official reports, Pfizer is expected to increase the price of its vaccine by a quarter.

The price for one dose of vaccine from Pfizer is €19.50, up from €15.50. Moderna’s vaccine price stands at €21.50 for one dose, up from €19. These prices were accessed by Financial Times.

Pfizer and Moderna are currently selling its vaccines at a profit, where AstraZeneca is selling the vaccine at cost. Pfizer is expecting a profit of $33.5 billion this year from its vaccines, which is up by $7.5 billion from last year. Moderna, on the other hand, is expecting a profit of $19.2 billion.

The European Commission said on Tuesday that the EU is on course to hit a target of fully vaccinating at least 70% of the adult population by the end of the summer.

Pfizer and Moderna have not responded to this news.

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