The $70B question: What’s Pfizer going to do with all that Covid vaccine cash?
Pfizer’s latest deal a few days ago to sell Europe 1.8 billion doses of BioNTech’s mRNA vaccine — 900 million guaranteed and 900 million optioned — has added a new layer of financial frosting on a large cake it’s been baking.
Ronny Gal at Bernstein sat down to do some back-of-the-envelope figuring on the deal, factoring in their earlier price point of 15.5 euros per dose, and calculated that the pharma giant has locked in a windfall of $20 billion in free cash flow for itself through next year — based on expected sales of $70 billion.
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