Pharma Suppliers Are Nursing a Postpandemic Hangover

Picks-and-shovel healthcare companies like Danaher and Repligen that supply drugmakers are seeing a slowdown

Companies like Thermo Fisher reported outsize growth during the Covid-19 pandemic. Photo: yves herman/Reuters

For drug companies, Covid-19 brought financial gains that were unevenly distributed, with Pfizer making over $50 billion from pandemic-related products last year even as other pharma companies saw more modest sales boosts. 

By contrast, the pandemic wealth was more evenly spread for “picks-and-shovels” businesses that supply big pharma companies with products needed to manufacture drugs and vaccines. 

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