NEW YORK, NY – Pfizer Inc. announced Monday that their tests with a COVID-19 vaccine they are developing is delivering results that are over 90 percent effective, according to reports, sending stocks soaring at the news, with the S&P 500 increasing 3.6 percent and the Dow gaining 1,488.43 points; Pfizer’s own stock jumped 11 percent.
Dr. Bill Gruber, Pfizer’s senior vice president of clinical development, was quoted as saying, “We’re in a position potentially to be able to offer some hope. We’re very encouraged.”
In response to the news, President Donald Trump tweeted, “STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!”
COVID-19 is currently responsible for 238,000 deaths in the U.S. alone, and 1.26 million worldwide, in addition to massive economic damage across the globe. An effective vaccine will be a true game-changer in the fight against the pandemic.
Pfizer Inc., a multinational pharmaceutical corporation headquartered in New York City, has been developing the vaccine in partnership with German company BioNTech. Once the required safety information has been provided to the U.S. Food and Drug Administration, Pfizer anticipates applying for emergency-use approval of the vaccine.
Pfizer noted it has briefed President-elect Joe Biden’s transition team, as well as President Donald Trump’s administration on its distribution model once the vaccine is ready for deployment, which involves keeping the vaccine in extremely low temperatures until it is ready to be used.
However, Pfizer said that it is unlikely that the vaccine will be available by the end of 2020, and initial supplies, once finally available, will be limited at first.
The U.S. government’s top infectious-disease expert, Dr. Anthony Fauci, said that the Pfizer breakthrough was “extraordinary,” citing the high degree of effectiveness as something few thought they would be able to achieve so soon.
“Not very many people expected it would be as high as that. It’s going to have a major impact on everything we do with respect to COVID,” he said.