Big pharma executives and shareholders saw their wealth skyrocket in the week after the Omicron variant was discovered, with eight top Pfizer and Moderna shareholders making a combined $10.3bn.
Campaigners have accused pharma executives of “making a killing from a crisis they helped to create”, blaming “grotesque” levels of vaccine inequality for creating the conditions for the Omicron variant to emerge.
They are calling on governments to support a waiver of intellectual property rules on Covid-19 vaccines and treatments to allow low and middle-income countries to manufacture jabs for themselves, breaking big pharma monopolies and increasing overall supplies.https://1adaf49643954d3d587e242f6f849808.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Shares skyrocket
Moderna’s shares skyrocketed after the announcement and settled at $310.61 per share on Wednesday 1 December, up 13.6 per cent from $273.39 per share since Wednesday 24 November, the day before the announcement.
Pfizer’s shares rose by 7.4 per cent from $50.91/share to $54.68 per share.
Moderna’s CEO, Stephane Bancel, personally became more than $824m richer in the week after the announcement, with the value of his shares rising from $6,052,522,978 to $6,876,528,630.
He sold off 10,000 shares for $319 each on 26 November, the day after the variant was announced, cashing out $3.19m.
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