Pfizer says early data shows its COVID-19 vaccine maybe 90 percent effective – a major victory in the fight against a pandemic that comes less than one week after the election.
Pfizer, which developed the vaccine with the German drugmaker BioNTech, are the first drugmakers to release successful data from a large-scale clinical trial of a coronavirus vaccine.
The companies said they have so far found no serious safety concerns and expect to seek US authorization this month for emergency use of the vaccine for people aged 16 to 85.
Pfizer said the interim analysis in their Phase 3 clinical trial was conducted after 94 of the 44,000 participants in the trial developed COVID-19.
The US has paid $1.95 billion for 100 million initial doses of the Pfizer vaccine. Pfizer expects to have up to 50 million doses available by the end of this year.
Shares in the US drugmaker were up 14 percent in pre-trading on Monday following the announcement. Global markets also rocketed with the Dow futures soaring 1,100 points.
President Trump, who is yet to concede the Presidential election to Joe Biden, celebrated Pfizer’s news.
‘Stock market up big, big vaccine coming soon. Report 90% effective. Such great news!’ he tweeted.
— Reuters (@Reuters) November 9, 2020
Stock markets rocketed higher Monday after Pfizer’s COVID-19 Breakthrough announcement.
Dow futures jumped 4.2 percent higher while those for the S&P 500 rose 3.1 percent.
In Europe, France’s CAC 40 jumped 5.6 percent, while Germany’s DAX surged 5.1 percent. Britain’s FTSE 100 gained 4 percent.
Markets were already buoyant about the result of the election, which saw Biden win the presidency.