Pfizer shares have rallied premarket after the company announced that its jointly developed vaccine with BioNTech was 90% effective in the prevention of coronavirus infections.
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Dr Albert Bourla, Pfizer Chairman and CEO.
The company said that the vaccine is more than 90% effective in preventing COVID-19 in people without evidence of prior coronavirus infection.
The study enrolled 43,538 participants with Pfizer, saying that no serious safety concerns have been observed. However, analysis evaluated 94 confirmed cases of COVID-19 in trial participants.
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis,” Bourla commented.
Pfizer also said that protection is achieved 28 days after the initiation of the vaccine which consists of a two-dose schedule. Reports have noted that any governments who have ordered the vaccine will need to cut the number of people forecasted for the initial treatment in half as each patient takes two doses.
With infection rates soaring across the globe, the vaccine news has seen markets take a strong risk-on tone with European equities surging. The FTSE is up 5.56% with the DAX trading 5.95% higher.
Shares of Pfizer have rallied 14.42% premarket to $41.68 per share after closing on Friday at $36.40.