The stocks of pharmaceutical companies such as Pfizer, BioNTech, Moderna, and Novavax fell after the US announced that it would support a proposal to temporarily suspend vaccine patents against covid-19.
Mexico City (apro).-The share prices of Pfizer and pharmaceutical companies such as BioNTech, Moderna or Novavax fell sharply after announcing on Wednesday that the United States would support some countries’ recommendations to the World Trade Organization (WTO). Temporarily suspend the intellectual property rights of the covid-19 vaccine.
According to information released by the EFE agency, upon learning of the news, the titles of these companies immediately collapsed, although they later managed to partially overcome the lows before the end of the Wall Street trading session.
Moderna, which had a smaller gain for most of the day, closed down 6.19%, while Novavax fell 4.94% and German BioNTech fell 3.45%.
Pfizer, an ally of German laboratory vaccines, also fell sharply at the beginning, but managed to recover and ended the meeting with a minimum increase of at least 0.05%, a price far from the price for most of the day.
It is precisely because of the sale of this vaccine against covid-19 that the American group happened to announce the day before its first quarter profit increased significantly, and the vaccine has become its main source of revenue.
Pfizer received approximately US$3.5 billion in vaccination fees between January and March and said that considering the contracts it has signed so far, Pfizer is expected to earn US$26 billion throughout the year.
Johnson & Johnson also sells biologics against the coronavirus and is already at a loss in this transaction. It was not affected by the same announcement by the US government, but it ultimately fell by 0.42%.
U.S. Foreign Trade Representative Katherine Tai (Katherine Tai) explained in a statement that Washington firmly believes? In terms of protecting intellectual property rights, it is believed that it is necessary to increase the production of vaccines to end the worldwide pandemic.
The decision of Joe Biden’s administration was made after several days of intense debate within the government, which was under pressure from some American pharmaceutical giants who opposed the measure.