Pfizer Inc. (NYSE: PFE) received emergency use authorisation from the U.S. Food and Drug Administration (FDA) for its COVID-19 vaccine that it developed in collaboration with Germany’s BioNTech on Friday. The first round of vaccination comprising 2.9 million doses will begin in the upcoming week and focus primarily on elderly patients and healthcare workers this month.
Pfizer shares closed the regular session on Friday about 2.5% down. On a year-to-date basis, the stock is now more than 10% up after an over 50% recovery since March.
Pfizer’s COVID-19 vaccine is 95% effective
The Coronavirus pandemic has so far infected more than 16 million people in the United States and killed over 300 thousand deaths. Pfizer’s COVID-19 vaccine was reported 95% effective in November when it published the result of its late-stage trial. The American multinational pharmaceutical corporation had posted estimates-beating financial results for the fiscal third quarter in the last week of October.
A senior scholar, Amesh Adalja, at the Johns Hopkins Centre for Health Security commented on the news on Friday and said:
“It is one step in a sequence of steps that will bring this pandemic to an end. A lot of people will be infected, a lot will be hospitalised, and a lot will die before the vaccine is able to have a meaningful impact on spread.”
CEO Ugur Sahin of BioNTech also expressed confidence on Friday that the vaccine will save thousands of lives in the U.S. and will help mankind’s battle against the deadly flu-like virus.
U.S. government to ramp up vaccination
The U.S. government is expected to ramp up vaccination very shortly, especially if Moderna succeeds in receiving approval for its COVID-19 vaccine
