Pfizer shares up 11%

8 November 2021
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2 min.
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Pfizer shares up 11%

The COVID pill

Shares of Pfizer (PFE) jumped sharply Friday, following the release of stronger efficacy results for its COVID-19 pill compared to its Merck (MRK) counterpart. Shares of other coronavirus drug makers as well as vaccine makers fell. Here's what investors should know.

The news that Pfizer's COVID-19 Paxlovid pill (PFE) was highly effective caused major stock market indexes to rise Friday, on the heels of a stronger-than-expected October report on new U.S. job additions by economists.

Pfizer announced that the Independent Data Monitoring Committee (IDMC) recommended that the study be stopped, citing the huge impact of the initial results of paxloid antiviral. According to the drug company, the study of 1,219 volunteers found that in COVID-19 patients, paxloid tablets reduced the likelihood of hospitalization or death by 89% if used within 3 days of onset, 85% if used within 5 days of treatment initiation. The results show that paxloid use can prevent 9 out of ten hospitalizations.None of the volunteers who purchased paxloid died.

The effectiveness of Pfizer's COVID-19 pill was significantly higher than that of its Merck (MRK) counterpart, which was the first company to introduce its COVID-19 pill.

Mornupiravir reduced the likelihood of hospitalisation and death by around 50%. Merck has already received initial approval for Mornupiravir from the UK health authorities.The drug is expected to be reviewed by an FDA advisory committee later this month.

Pfizer said it will apply for FDA (Food and Drug Administration) approval of Paxlovid in the U.S. by Nov. 25.

Speaking about the safety of its drug, Pfizer said that about 20 percent of patients who received the pill or placebo experienced side effects, mostly moderate. Only 1.7% of patients who received the drug reported serious side effects.

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