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Pfizer vaccine trial success signals breakthrough in pandemic battle

Stock MarketsNov 09, 2020 11:21PM ET
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3/3 © Reuters. FILE PHOTO: A sign is pictured outside Pfizer Headquarters in the Manhattan borough of New York City 2/3

By Michael Erman and Julie Steenhuysen

(Reuters) - Pfizer Inc's (N:PFE) experimental COVID-19 vaccine is more than 90% effective based on initial trial results, the drugmaker said on Monday, a major victory in the war against a virus that has killed over a million people and battered the world's economy.

Scientists, public health officials and investors welcomed the first successful interim data from a large-scale clinical test as a watershed moment that could help turn the tide of the pandemic if the full trial results pan out. However, mass roll-outs, which needs regulatory approval, will not happen this year and several vaccines are seen as necessary to meet massive global needs.

Pfizer and German partner BioNTech SE (F:22UAy) said they had found no serious safety concerns yet and expected to seek U.S. emergency use authorization this month, raising the chance of a regulatory decision as soon as December.

If granted, the companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021.

"Today is a great day for science and humanity," said Pfizer Chief Executive Albert Bourla, noting the data milestone comes with "infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen."

Experts said they wanted to see the full trial data, but the preliminary results looked encouraging.

"This news made me smile from ear to ear. It is a relief to see such positive results on this vaccine and bodes well for COVID-19 vaccines in general," said Peter Horby, professor of emerging infectious diseases at the University of Oxford.

There are still many questions, such as how effective the vaccine is by ethnicity or age and how long immunity may last.

"But the bottom line is, as a vaccine it's more than 90% effective, which is extraordinary," top U.S. infectious diseases expert Dr. Anthony Fauci told CNN.

Pfizer expects to seek U.S. emergency use authorization for people aged 16 to 85. To do so, it will need two months of follow-up safety data to assure no side effects crop up. That is expected to be available in the third week of November.

U.S. Health and Human Services Secretary Alex Azar said it would take several weeks for U.S. regulators to receive and process the data before a potential approval.

MARKETS SURGE

The prospect of a vaccine electrified world markets with the S&P 500 and Dow hitting record highs. JPMorgan (NYSE:JPM) said on Monday it expected the S&P 500 index to hit 4,000 points by early 2021 and called Pfizer's COVID-19 vaccine and called Pfizer Inc's PFE.N COVID-19 vaccine update "one of the best backdrops for sustained gains in years."

Stock of theme park and film company Walt Disney (NYSE:DIS) rose 12% and movie chain operator AMC Entertainment (NYSE:AMC) Holdings was up 51%. Shares in companies that have thrived during lockdowns, such as Netflix Inc (O:NFLX) and conferencing platform Zoom Video (O:ZM) tumbled. Gun stocks sold off on higher hopes for a return to normal and a lack of civil unrest.

Pfizer shares jumped more than 8% to their highest since July last year, while BioNTech's stock hit a record high. Mizuho Securities analyst Vamil Divan forecast the vaccine may generate sales in excess of $8.5 billion for Pfizer in 2020-2021 alone.

Shares of other vaccine developers in the final stage of testing also rose with Johnson & Johnson (N:JNJ) up nearly 4% and Moderna Inc (O:MRNA), whose vaccine uses a similar technology as the Pfizer shot, up more than 8%. Britain's AstraZeneca (L:AZN), however, fell 2%.

Moderna is expected to report results from its large-scale trial later this month. "It's likely that we're going to have more than one vaccine that's effective," Fauci said.

William Schaffner, infectious diseases expert at Vanderbilt University School of Medicine in Nashville, Tennessee, called the Pfizer results better than most anticipated. "The study isn't completed yet, but nonetheless the data look very solid."

U.S. President Donald Trump welcomed the test results, and the market boost: "STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!" he tweeted.

President-elect Joe Biden said the news was excellent but did not change the fact that face masks, social distancing and other health measures would be needed well into next year.

The World Health Organization called the results very positive but warned there was a funding gap of $4.5 billion that could slow access to tests, medicines and vaccines in low- and middle-income countries.

There are other challenges as well that could affect less affluent countries. The Pfizer vaccine must be shipped and stored at an extremely cold temperature, which requires necessary infrastructure. Even many U.S. hospitals lack these super cold storage units, which may impact when and where the vaccine becomes available in many U.S. rural areas as well.

That highlights the need for more traditional vaccines in development, such as J&J's candidate.

'NEAR ECSTATIC'

Still, there was cause for jubilation.

"I'm near ecstatic," Bill Gruber, one of Pfizer's top vaccine scientists, said in an interview. "This is a great day for public health and for the potential to get us all out of the circumstances we're now in."

Between 55% and 65% of the population will need to be vaccinated to break the dynamic of the spread of COVID-19, said Germany's health minister Jens Spahn, adding that he did not expect a shot to be available before the first quarter of 2021.

The European Union said on Monday it would soon sign a contract for up to 300 million doses of the Pfizer and BioNTech COVID-19 vaccine.

The companies have a $1.95 billion contract with the U.S. government to deliver 100 million vaccine doses beginning this year. They did not receive research funding from the Trump administration's Operation Warp Speed vaccine program.

The drugmakers have also reached supply agreements with the United Kingdom, Canada and Japan.

The interim analysis, conducted after 94 participants in the trial developed COVID-19, examined how many had received the vaccine versus a placebo.

Pfizer did not provide that detail, but over 90% effective implies that no more than 8 of the 94 had received the vaccine, administered in two shots about three weeks apart.

The efficacy rate, which could drop once full results are available, is well above the 50% effectiveness required by the U.S. Food and Drug Administration for a coronavirus vaccine.

Shortly after Pfizer's announcement, Russia said its Sputnik V vaccine was also more than 90% effective, based on data collated from inoculations of the public.

MORE DATA NEEDED

To confirm the efficacy rate, Pfizer said it would continue its trial until there were 164 COVID-19 cases among volunteers. Bourla told CNBC on Monday that could be before the end of November.

Lawrence Young, a professor of molecular oncology at Britain's University of Warwick, noted that the data may show the vaccine keeps people from getting sick but not necessarily from becoming infected. "And the subtlety there ... is if you're infected then you can still transmit the virus."

Dozens of drugmakers and research groups around the globe have been racing to develop vaccines against COVID-19, which on Sunday exceeded 50 million cases since the new coronavirus first emerged late last year in China.

The Pfizer and BioNTech vaccine uses messenger RNA (mRNA) technology, which relies on synthetic genes that can be generated and manufactured in weeks, and produced at scale more rapidly than conventional vaccines. The technology is designed to trigger an immune response without using pathogens, such as actual virus particles.

The Trump administration has said it will have enough vaccine doses for all of the 330 million U.S. residents who want it by the middle of 2021.

Pfizer vaccine trial success signals breakthrough in pandemic battle
 

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Comments (78)
Junk Man
Junk_Man Nov 10, 2020 7:01AM ET
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90% effectiveness implies that no more than 8 of the 94 people who caught COVID-19 had been given the vaccine??? Was this the sample size?
Lo Lmr
Lo Lmr Nov 10, 2020 7:01AM ET
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It seems yes
Zainal Jalaluddin
Zainal Jalaluddin Nov 10, 2020 6:55AM ET
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Maybe If they announced the vaccine news before ellection. Trump would win
Bulls MakeMore
Bulls MakeMore Nov 10, 2020 6:31AM ET
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Did anyone else notice it's towards the end of a 4 week waiting period, there could have been news on this before the election but everything pro-Trump was surpressed for 4 years smh...Nelson Peltz on CNBC pointed out how great Trump was with the economy. jobs, and a landmark peace deal in the middle east...all surpressed in an effort to kick his non-PC *****out of Washington
Lo Lmr
Lo Lmr Nov 10, 2020 5:03AM ET
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« Still, over 90% effectiveness implies that no more than 8 of the 94 had been given the vaccine » Enthousiasm really !!
Waldemar Gau
Waldemar Gau Nov 10, 2020 12:00AM ET
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market manipulation this news is
Daniel Lu
Daniel Lu Nov 09, 2020 9:33PM ET
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Sell on the trumpets
Musical Critic
Musical Critic Nov 09, 2020 8:05PM ET
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What happened to tha market? Did the vaccine evaporate away?????
Chic Surinthum
Chic Surinthum Nov 09, 2020 6:43PM ET
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War for Trump? Why vaccine come with Joe? Who plan this for corrup american people??
Bernard Tan
Bernard Tan Nov 09, 2020 6:43PM ET
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Trump is fired! ☠️
Ave Joe
Ave Joe Nov 09, 2020 5:29PM ET
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For some reason I don't believe this news...
Bernard Tan
Bernard Tan Nov 09, 2020 5:29PM ET
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Fake news as Trump would have said!
Bubba Born
Bubba Born Nov 09, 2020 5:25PM ET
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I guess you could call '90% effective' great if the remaining 10% doesn't die from tye vaccine!
Bernard Tan
Bernard Tan Nov 09, 2020 5:25PM ET
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What? Only 8 out of 94? And the 8 are the youth patients?
Keith Wade
Keith Wade Nov 09, 2020 5:13PM ET
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Not many winners around this discussion, I made 9 million dollars last night. Long live the conspiracy! BTW, to win you need to be positive, negativity will bring you undone.
Thom Miller
Thom Miller Nov 09, 2020 4:55PM ET
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Yes, the Biden/Harris/CNN/MSNBC/Election Officials conspiracy has pulled a fast one on the Trump Establishment. In a matter of just a few days, this conspiracy reduced Donald Trump and his deplorables to absolutely nothing....nil....zitch....nada....zero.....And we’re still counting every last one those illegal votes. I personally voted for Biden/Harris 22,000 times and my dog kicked in another 7,000. Oh, and thanks to my grandfather who died some years ago now, Biden/Harris garnered another 12,000 votes. Yep, Landslide Joe has arrived!
Jason Zou
Jason Zou Nov 09, 2020 4:55PM ET
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Have you forgot your medicine today?
Keith Wade
Keith Wade Nov 09, 2020 4:55PM ET
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I added 56,000 votes for Joe Biden and I live in australia!
Bubba Born
Bubba Born Nov 09, 2020 4:55PM ET
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You must be smokin' crack!
Thom Miller
Thom Miller Nov 09, 2020 4:55PM ET
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Oh, almost forgot......another of my 5,400 Biden/Harris votes were mailed in from the moon.....
Stacy Starner
Stacy Starner Nov 09, 2020 4:55PM ET
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Keith Wade i asded 49,090 crooked votes also what ever state called me i also had dead people voted i worked the polls in michigan you shiuld see the stack i have for the court systems so many invalid ballots crazy how bad the people weee cheated
Tong Luo
Tong Luo Nov 09, 2020 4:30PM ET
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94 samples.....
Daniel Lu
Daniel Lu Nov 09, 2020 4:19PM ET
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Market correction would be made the next day after it hits a historical high. Seems Dow tried to keep the gain but already shrinking tremendously after a full day trading
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Nov 09, 2020 4:19PM ET
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Dow shrinked because traders sold tech stocks and other several sectors. Covid hit sectors kept gainsJust check JPM, Visa , MastercardCorrection of indices due to dumping tech . Not energy,traveling, finance etc
AL Bundy
AL Bundy Nov 09, 2020 3:38PM ET
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Big pharma and the media supporting child sniffing Joe Biden again. Surprise surprise
Zohaib Zaman
Zohaib Zaman Nov 09, 2020 3:29PM ET
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I dont think this vaccine can works but i think only today its work really for markets moves
Tony Coll
Tony Coll Nov 09, 2020 2:44PM ET
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Great day for humanity would be when the government parasites get off our backs... not more useless poison
mark johnson
mark johnson Nov 09, 2020 1:25PM ET
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Another Evil pharmaceutical company?
Stacy Starner
Stacy Starner Nov 09, 2020 1:25PM ET
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Why isnt that ok for the media to ***the people over look at this site
Chris Scheer
Chris Scheer Nov 09, 2020 1:24PM ET
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Trump 2024
mike mike
mike mike Nov 09, 2020 1:20PM ET
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without a vaccin you have 99.6% succed vs covid ...... so with the vaccine you have less luck vs covid ....... only 0.04% of the population have complicvation and can die from covid (old or weak already sick ) ..... but yee great news !! QLGN and BIOC can sleep well !
Fabio falec
falec Nov 09, 2020 1:20PM ET
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I don't think you read the title properly
Dhiraj Singh
Dhiraj Singh Nov 09, 2020 1:16PM ET
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fake propaganda neither covid nor vaccine both are orchestrated for global agenda of Illuminatiss
Wann White
Wann White Nov 09, 2020 1:11PM ET
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backtest the system to people then the human become his object.
Dewie Emmanuel
Dewie Emmanuel Nov 09, 2020 1:01PM ET
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another fake news. any stock concerning covid 19 is fake. im not gambling away my hard earned money for any covid 19 related stock. they're all liers. why make announcements about it being 90%, when its not even close to 95% yet. it's just to spike their shares. beware people! remember it takes months to gain profit, but could take a sec to loss a ton in this corrupt Wallstreet
Bernard Tan
Bernard Tan Nov 09, 2020 12:39PM ET
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Is the vaccine real or false hope?
mohammedali alahmri
mohammedali alahmri Nov 09, 2020 11:31AM ET
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Good information
 
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