The contract reserves the doses on behalf of all European Union member states, between end 2021 to 2023, the statement added. The contract requires that the vaccine production is based in the EU and that essential components are sourced from the EU.
"The production of mRNA vaccines is not just about intellectual property. A lot of other things are in play, such as manufacturing know-how and capacity. Other companies or countries are unlikely to produce mRNA shots quickly," he said.
Several pharmaceutical analysts said IP waivers may on the surface help a world facing a pandemic, but manufacturing the vaccines was a barrier.
Pfizer has earned $3.5 billion in the first quarter of 2021, as the ramped up sales of the COVID-19 vaccine boosted its projected annual earnings to $26 billion.
The American pharmaceutical company announced on Tuesday that it has raised its annual revenue guidance to up to $72.5 billion, up from $61.4 billion, predominantly due to the contractual delivery of 1.6 billion vaccine doses in 2021.