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Robert Palmer

AstraZeneca to take profits from Oxford Covid vaccine

More than a billion doses of the jab have been supplied globally, but until now they have been sold at no profit.

Drugs giant AstraZeneca has started to move away from providing its COVID vaccine with Oxford University as not-for-profit. 

The company had previously said it would only start to make money from the vaccine when there was no longer a pandemic.

The Anglo-Swedish firm has signed a series of for-profit agreements for next year, and expects to make a "modest" income from the vaccine. 

However, the vaccine will continue to be supplied on a not-for-profit basis to poorer countries.

AZ said it had supplied 1.5bn doses in more than 170 countries. 

Over the year-to-date, the company's profit margins have shrunk compared to last year "predominantly reflecting the equitable supply, at no profit to AstraZeneca, of the pandemic COVID-19 vaccine".

However for the third quarter the vaccine did make a small positive contribution to earnings.

AstraZeneca said its revenues for the quarter rose 50% to $9.87bn.

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