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Pfizer Boss Earned $24.3 Million in 2021 and Other COVID-19 News

Pfizer CEO Albert Bourla raked in $24.3 million in total compensation in 2021. In other news, tinnitus (ringing or buzzing in one or both ears) might be…

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Pfizer Boss Earned $24.3 Million in 2021 and Other COVID-19 News

 

There is no doubt that Pfizer’s approach to COVID-19 has been a success: the first COVID-19 vaccine in partnership with BioNTech to be authorized in the United States, one of the predominant vaccines around the world, and a successful oral antiviral therapy, all without taking direct R&D funds from the government via Operation Warp Speed. And the company has benefitted handsomely, as has its chief architect, Albert Bourla. For that and more COVID-19 news, continue reading.

Pfizer’s Bourla Raked in $24.3 Million in Total Compensation in 2021

Pfizer CEO Albert Bourla/courtesy ca.news.yahoo.com

Albert Bourla, Pfizer’s chief executive officer, took home a salary of $1.69 million in 2021, with a cash incentive of $8 million and $13.2 million in stock and options. Throw in $1.38 million on other compensation and he received $24.3 million in total compensation, an increase of 15% from 2020. Bourla holds almost 597,000 shares in the company, worth more than $32 million. To Pfizer, he’s undoubtedly worth it, having helmed the company to be the first, with its partner BioNTech, to receive an emergency use authorization (EUA) for a COVID-19 vaccine in the U.S. That vaccine alone generated $36.8 million in revenue last year, with $32 billion projected for 2022. Toss in another projected $22 billion for its COVID-19 antiviral regimen projected for this year, and Bourla led the company to stellar profitability.

COVID-19 Vaccine Market Getting Crowded

There are three authorized and/or approved COVID-19 vaccines in the U.S.: Pfizer-BioNTech, Moderna, and Johnson & Johnson. Around the world, there are others, including AstraZenecaOxford, Sinovac, Sputnik V and a handful of others. Late to the market are Novavax and SanofiGlaxoSmithKline, while other companies are still regularly announcing preclinical and clinical results for their potential vaccines. But as new cases worldwide slow, is there a market for new vaccines?

“We think there’s likely going to be long-term ongoing demand for COVID vaccines, for boosters at least,” said Matt Linley, analytics director for London-based Airfinity. “But it will be a lot smaller than it is. We believe it’s kind of peaked.”

And a U.S. Centers for Disease Control and Prevention study found that the three COVID-19 vaccines authorized in the U.S. provided strong prevention against death and severe disease even though their efficacy wanes over time. They found it was 79% effective in preventing ventilation or death and that a single booster shot brought it up to 94%.

Tinnitus, a Rare Side Effect of COVID-19 Vaccines?

Tinnitus, or ringing or buzzing in one or both ears, might be a side effect of COVID-19 vaccines. Although there have been some reports, the CDC and vaccine makers who have investigated reports of tinnitus haven’t found evidence of cause and effect. A JAMA study from Johns Hopkins University School of Medicine analyzed 555 reports of hearing loss that may be linked to any of the three U.S. COVID-19 vaccines reported in the Vaccine Adverse Event Reporting System (VAERS). However, the study didn’t find that hearing loss or other auditory problems were more common after vaccines than expected in the general population. A study of Israel found a slight increase in hearing problems after receiving the Pfizer-BioNTech vaccine, but the reports are very rare.

Fauci Predict Increase in New Cases

As COVID-19 cases increase in Europe, primarily due to the rise of the Omicron BA.2 subvariant and relaxation of restrictions, Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases and the Biden administration’s chief COVID-19 advisor, predicts an “uptick” in cases in the U.S. that will echo those in Europe. He added, it is “no time at all to declare victory because this virus has fooled us before and we really must be prepared for the possibility that we might get another variant. And we don’t want to be caught flat-footed on that.”

Dr. Fauci’s comments occur partly in the context of attempts by the Biden administration to convince Congress to continue funding COVID-19 pandemic relief efforts. Dr. Fauci also added that an increase in BA.2 cases might not lead to a parallel surge in hospitalizations or deaths, similar to what is happening in Europe.

What We Know About Omicron BA.2

As mentioned above, another SARS-CoV-2 variant appears to be increasing in the U.S. and Europe. It is a subvariant, or sister variant of Omicron, dubbed BA.2. Its genetic sequence is different from that of the first Omicron variant, BA.1, and has sometimes been called a “stealth” variant because it isn’t easy to differentiate from the Delta variant. It now makes up about 23.1% of cases, up from 14.2% from the week ending March 5. It is more transmissible than BA.1, but it isn’t known if it causes severe illness. Nor is it known if it evades immunity from vaccines, previous illnesses or antibody therapies. Vaccines seem to be as effective against BA.2 as against BA.1, which generally means they don’t necessarily prevent infection but prevent severe illness and death. And they do believe that if you were infected by BA.1, you have good protection against BA.2.

AstraZeneca recently reported a study indicating that its antibody-based cocktail Evusheld effectively neutralizes BA.2. An earlier study said it was effective against BA.1.

Most COVID-19 Patients in a Coma Regain Consciousness

A new study by Boston and New York researchers found that most people who had severe COVID-19 and were off ventilators but still required life support, typically in a coma, regain consciousness. Daiwai Olson, PhD, a professor of neurology and director of the neuroscience nursing research center at the University of Texas Southwestern Medical Center, said the study should be a “huge anxiety reducer” for families of COVID-19 patients in comas. “It gives nurses and physicians the confidence to tell families, ‘Look this can take several weeks.’ We have had moms who want to stay at the bedside, and we can tell them go home and take a shower, it may take three weeks” for the patient to regain consciousness. It also supports waiting longer before withdrawing life support from people in a COVID-19-induced coma.

 
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Government

Angry Shouting Aside, Here’s What Biden Is Running On

Angry Shouting Aside, Here’s What Biden Is Running On

Last night, Joe Biden gave an extremely dark, threatening, angry State of the Union…

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Angry Shouting Aside, Here's What Biden Is Running On

Last night, Joe Biden gave an extremely dark, threatening, angry State of the Union address - in which he insisted that the American economy is doing better than ever, blamed inflation on 'corporate greed,' and warned that Donald Trump poses an existential threat to the republic.

But in between the angry rhetoric, he also laid out his 2024 election platform - for which additional details will be released on March 11, when the White House sends its proposed budget to Congress.

To that end, Goldman Sachs' Alec Phillips and Tim Krupa have summarized the key points:

Taxes

While railing against billionaires (nothing new there), Biden repeated the claim that anyone making under $400,000 per year won't see an increase in their taxes.  He also proposed a 21% corporate minimum tax, up from 15% on book income outlined in the Inflation Reduction Act (IRA), as well as raising the corporate tax rate from 21% to 28% (which would promptly be passed along to consumers in the form of more inflation). Goldman notes that "Congress is unlikely to consider any of these proposals this year, they would only come into play in a second Biden term, if Democrats also won House and Senate majorities."

Biden also called on Congress to restore the pandemic-era child tax credit.

Immigration

Instead of simply passing a slew of border security Executive Orders like the Trump ones he shredded on day one, Biden repeated the lie that Congress 'needs to act' before he can (translation: send money to Ukraine or the US border will continue to be a sieve).

As immigration comes into even greater focus heading into the election, we continue to expect the Administration to tighten policy (e.g., immigration has surged 20pp the last 7 months to first place with 28% in Gallup’s “most important problem” survey). As such, we estimate the foreign-born contribution to monthly labor force growth will moderate from 110k/month in 2023 to around 70-90k/month in 2024. -GS

Ukraine

Biden, with House Speaker Mike Johnson doing his best impression of a bobble-head, urged Congress to pass additional assistance for Ukraine based entirely on the premise that Russia 'won't stop' there (and would what, trigger article 5 and WW3 no matter what?), despite the fact that Putin explicitly told Tucker Carlson he has no further ambitions, and in fact seeks a settlement.

As Goldman estimates, "While there is still a clear chance that such a deal could come together, for now there is no clear path forward for Ukraine aid in Congress."

China

Biden, forgetting about all the aggressive tariffs, suggested that Trump had been soft on China, and that he will stand up "against China's unfair economic practices" and "for peace and stability across the Taiwan Strait."

Healthcare

Lastly, Biden proposed to expand drug price negotiations to 50 additional drugs each year (an increase from 20 outlined in the IRA), which Goldman said would likely require bipartisan support "even if Democrats controlled Congress and the White House," as such policies would likely be ineligible for the budget "reconciliation" process which has been used in previous years to pass the IRA and other major fiscal party when Congressional margins are just too thin.

So there you have it. With no actual accomplishments to speak of, Biden can only attack Trump, lie, and make empty promises.

Tyler Durden Fri, 03/08/2024 - 18:00

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International

United Airlines adds new flights to faraway destinations

The airline said that it has been working hard to "find hidden gem destinations."

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Since countries started opening up after the pandemic in 2021 and 2022, airlines have been seeing demand soar not just for major global cities and popular routes but also for farther-away destinations.

Numerous reports, including a recent TripAdvisor survey of trending destinations, showed that there has been a rise in U.S. traveler interest in Asian countries such as Japan, South Korea and Vietnam as well as growing tourism traction in off-the-beaten-path European countries such as Slovenia, Estonia and Montenegro.

Related: 'No more flying for you': Travel agency sounds alarm over risk of 'carbon passports'

As a result, airlines have been looking at their networks to include more faraway destinations as well as smaller cities that are growing increasingly popular with tourists and may not be served by their competitors.

The Philippines has been popular among tourists in recent years.

Shutterstock

United brings back more routes, says it is committed to 'finding hidden gems'

This week, United Airlines  (UAL)  announced that it will be launching a new route from Newark Liberty International Airport (EWR) to Morocco's Marrakesh. While it is only the country's fourth-largest city, Marrakesh is a particularly popular place for tourists to seek out the sights and experiences that many associate with the country — colorful souks, gardens with ornate architecture and mosques from the Moorish period.

More Travel:

"We have consistently been ahead of the curve in finding hidden gem destinations for our customers to explore and remain committed to providing the most unique slate of travel options for their adventures abroad," United's SVP of Global Network Planning Patrick Quayle, said in a press statement.

The new route will launch on Oct. 24 and take place three times a week on a Boeing 767-300ER  (BA)  plane that is equipped with 46 Polaris business class and 22 Premium Plus seats. The plane choice was a way to reach a luxury customer customer looking to start their holiday in Marrakesh in the plane.

Along with the new Morocco route, United is also launching a flight between Houston (IAH) and Colombia's Medellín on Oct. 27 as well as a route between Tokyo and Cebu in the Philippines on July 31 — the latter is known as a "fifth freedom" flight in which the airline flies to the larger hub from the mainland U.S. and then goes on to smaller Asian city popular with tourists after some travelers get off (and others get on) in Tokyo.

United's network expansion includes new 'fifth freedom' flight

In the fall of 2023, United became the first U.S. airline to fly to the Philippines with a new Manila-San Francisco flight. It has expanded its service to Asia from different U.S. cities earlier last year. Cebu has been on its radar amid growing tourist interest in the region known for marine parks, rainforests and Spanish-style architecture.

With the summer coming up, United also announced that it plans to run its current flights to Hong Kong, Seoul, and Portugal's Porto more frequently at different points of the week and reach four weekly flights between Los Angeles and Shanghai by August 29.

"This is your normal, exciting network planning team back in action," Quayle told travel website The Points Guy of the airline's plans for the new routes.

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International

Walmart launches clever answer to Target’s new membership program

The retail superstore is adding a new feature to its Walmart+ plan — and customers will be happy.

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It's just been a few days since Target  (TGT)  launched its new Target Circle 360 paid membership plan. 

The plan offers free and fast shipping on many products to customers, initially for $49 a year and then $99 after the initial promotional signup period. It promises to be a success, since many Target customers are loyal to the brand and will go out of their way to shop at one instead of at its two larger peers, Walmart and Amazon.

Related: Walmart makes a major price cut that will delight customers

And stop us if this sounds familiar: Target will rely on its more than 2,000 stores to act as fulfillment hubs. 

This model is a proven winner; Walmart also uses its more than 4,600 stores as fulfillment and shipping locations to get orders to customers as soon as possible.

Sometimes, this means shipping goods from the nearest warehouse. But if a desired product is in-store and closer to a customer, it reduces miles on the road and delivery time. It's a kind of logistical magic that makes any efficiency lover's (or retail nerd's) heart go pitter patter. 

Walmart rolls out answer to Target's new membership tier

Walmart has certainly had more time than Target to develop and work out the kinks in Walmart+. It first launched the paid membership in 2020 during the height of the pandemic, when many shoppers sheltered at home but still required many staples they might ordinarily pick up at a Walmart, like cleaning supplies, personal-care products, pantry goods and, of course, toilet paper. 

It also undercut Amazon  (AMZN)  Prime, which costs customers $139 a year for free and fast shipping (plus several other benefits including access to its streaming service, Amazon Prime Video). 

Walmart+ costs $98 a year, which also gets you free and speedy delivery, plus access to a Paramount+ streaming subscription, fuel savings, and more. 

An employee at a Merida, Mexico, Walmart. (Photo by Jeffrey Greenberg/Universal Images Group via Getty Images)

Jeff Greenberg/Getty Images

If that's not enough to tempt you, however, Walmart+ just added a new benefit to its membership program, ostensibly to compete directly with something Target now has: ultrafast delivery. 

Target Circle 360 particularly attracts customers with free same-day delivery for select orders over $35 and as little as one-hour delivery on select items. Target executes this through its Shipt subsidiary.

We've seen this lightning-fast delivery speed only in snippets from Amazon, the king of delivery efficiency. Who better to take on Target, though, than Walmart, which is using a similar store-as-fulfillment-center model? 

"Walmart is stepping up to save our customers even more time with our latest delivery offering: Express On-Demand Early Morning Delivery," Walmart said in a statement, just a day after Target Circle 360 launched. "Starting at 6 a.m., earlier than ever before, customers can enjoy the convenience of On-Demand delivery."

Walmart  (WMT)  clearly sees consumers' desire for near-instant delivery, which obviously saves time and trips to the store. Rather than waiting a day for your order to show up, it might be on your doorstep when you wake up. 

Consumers also tend to spend more money when they shop online, and they remain stickier as paying annual members. So, to a growing number of retail giants, almost instant gratification like this seems like something worth striving for.

Related: Veteran fund manager picks favorite stocks for 2024

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