Three major pharmaceutical companies are estimated to make a total of around $32 billion in revenue from their COVID-19 vaccines next year, according to a report on Monday.

US pharmaceutical firm Pfizer is expected to generate $19 billion revenue from the vaccine in 2021, American multinational investment bank and financial services company Morgan Stanley said in its report.

Pfizer will split its revenues from vaccine sales with its German partner BioNTech.

While Pfizer is projected to have $975 million in vaccine revenue this year alone, the report said it is estimated to have $9.3 billion combined revenue in 2022 and 2023 as the world would continue to get vaccinated.

Moderna, the other US pharmaceutical firm that managed to invent and manufacture its own vaccine, is expected to make $13.2 billion from vaccine sales in 2021.

The firm is also estimated to make somewhere between $10 billion to $15 billion additional revenue from its COVID-19 vaccine in 2021 and 2022, according to projections.

Since the beginning of the pandemic, around 72.3 million have contracted the novel coronavirus and more than 1.6 million people have lost their lives, according to the latest data from US-based Johns Hopkins University.

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