Several pharmaceutical companies are generating meaningful revenue in 2021 from the global sale and distribution of COVID-19 vaccines. Sales in 2022, which will largely depend on how broadly booster shots are approved and recommended, will likely subside. But the credit effect on the pharmaceutical industry will remain modest. This reflects the small number of rated companies selling COVID-19 vaccines, as well as social pledges by some companies to sell the vaccines profit-free, at least for now.

Climate change is the biggest risk multiplier facing the world today. Urgent action is needed. Explore what it will take to build a more resilient and sustainable future.

As the world increasingly turns digital, competitive challenges to financial institutions are growing. We identify four main forces that could dislodge banks from their dominant roles as financial intermediaries. They are Big Tech, pureplay fintechs, “stateless” finance and central bank digital currencies.

Moody’s 6th annual Climate Week NYC event will discuss how carbon transition risks will shape credit quality across the most exposed industries, why transparency on data and disclosure is critical to understanding long-term climate commitments, and the role of sustainable debt markets in financing net zero strategies.