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Pfizer and Moderna aren’t the only vaccine money-makers. Much of the revenue and profits from Covid-19 vaccines are flowing behind the scenes, going to the contract manufacturers and clinical-trial organizers that turn the shots from lab-bench theory to mass-produced reality.

Both AstraZeneca and Johnson & Johnson publicly committed to not profiting off their products during the pandemic — though AstraZeneca has reserved the right to declare the pandemic over on July 1, even if the World Health Organization has not. Pfizer and Moderna made no such pledge, with Pfizer expected to make $15 billion in vaccine-related revenue this year, while Moderna is forecasting $18.4 billion in vaccine sales.

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Contractors hired to test and manufacture these vaccines have enjoyed a share of the profits without the same level of public scrutiny.

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