Pfizer and Biontech shares loses amid GSK legal action

British pharmaceutical giant GlaxoSmithKline (GSK.UK) sued Pfizer and BioNTech in US federal court, accusing both companies of infringing GSK patents related to RNA (mRNA) vaccine technology, used in the COVID-19 vaccines. According to GlaxoSmithKline, the company developed those innovations more than a decade before COVID-19 pandemic. What's more, GSK claims that it bought all rights to the developed since 2008 innovation technology after acquiring Novartis in 2015.

• Pfizer spokesperson said that the company will defend all allegations from GSK, but BioNTech declined to comment. According to GSK patents provided the foundational technology and will try to capitalize on it. Also, Moderna sued Pfizer in 2022 over patent royalties. Last year, Pfizer Covid-19 sales were $11.2 billion (Comirnaty).
• Moderna earned $6.7 billion in revenue from the Spikevax, but sales of both vaccines declined on YoY basis. GSK asked the court for an unspecified amount of monetary damages from Pfizer and BioNTech over the patent-licensing fee. Today also British conglomerate WPP blamed Pfizer for loss and 1.6% YoY revenue fall in Q1. Shares of GSK gained slightly today, rising 0.15%.

Pfizer (PFE.US) and BioNTech (BNTX.US) on D1 interval

From the fall of 2021 Pfizer is one of the weakest companies among S&P500 index and sales of Covid-19 vaccines is slowing.

Source: xStation5