If I recall PFE never took any upfront money for their vaccine development.
Correct, with the Moderna vacc having a slightly more complicated historical bureaucracy associated with it.
PFE saw $$ signs as soon as the Covid pandemic started. It also recognized mRNA could be brought to the market quickly. Enter their partnership with BioNTech. Originally made in 2018 with the goal of bringing mRNA Flu vaccines into the market. Up to then BioNTech had been trying to find a home for their mRNA technology in the area of cancer. PFE invested $1.5B of its money for R&D costs, starting in Jan 2020.
Moderna was also a mRNA company trying to find a home for its technology. It had previously been in partnership with NIAID for vaccine development - presumably Flu. Moderna subsequently received $955M for R&D.
Both were granted US Gov contracts contingent on FDA approval.
PFE initial contract was for $1.95B 100M doses in Jul 2020. Then received another order for another 100M doses at $1.95B in Dec.
Moderna received a contract $1.5B for the manufacturing of 100M doses in Aug 2020. Another 100M doses in Feb at similar price. In between a DOD contract in Dec for 100M doses at $1.9B.
In summary:
PFE funded its own R&D. They have recovered their R&D expenditures and are $2B in the green.
MRNA had its R&D funded by the US Gov. Current B.1.351 trial being run by NIAID. As a result they are about $3.5B in the green. Exclusive of the initial R&D funding of $955M.
Both have huge EU contracts, and $Bs more in potential profits in the future.
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