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The global emergency effort to devise and deliver coronavirus vaccines was a shot in the arm for many large pharmaceutical companies, leading to rising profits, extensive reinvestment in research and vast expansions of biomanufacturing capacity.
That boost, it seems, is running out. And those cuts in research and other investments may trickle down, leading to more conservative or restrained spending on real estate and development as the lab market is already seeing a slight surge in supply.
Recent financial statements and announcements from many of the firms associated with this surge, including Pfizer and Catalent, contain a combination of spending and job cuts.
Pfizer is considering an “enterprise-wide cost improvement” program based on expected fall Covid-19 vaccine sales — which, despite significant evidence of a new surge, have been disappointing — and BioNTech will cut research funding by $440M this year, Endpoints reported. Bivalent booster sales have been difficult to predict as the…
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