'Step Closer to Ending Health Crisis': Pfizer Says its Covid-19 Vaccine 90% Effective in Phase 3 Trial

A vaccine jointly developed by Pfizer and BioNTech was 90 percent effective in preventing Covid-19 infections in ongoing Phase 3 trials, the companies announced Monday.

Protection in patients was achieved seven days after the second of two doses, and 28 days after the first, according to preliminary findings.

“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,” Pfizer chairman and CEO Albert Bourla said in a statement.

“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. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most,” Bourla added.

Across much of the globe, Covid-19 infections rates are soaring to record highs, with hospital intensive care units filling up and death tolls mounting as well. Based on supply projections, the companies said they expect to supply up to 50 million vaccine doses globally in 2020, and up to 1.3 billion doses in 2021.

Meanwhile, futures tracking the S&P 500 hit a record high on Monday after Pfizer’s announcement. At 06:47 am ET, US S&P 500 E-minis were up 2.44%, hitting an all-time high of 3,586.25 points. Dow E-minis were up 688 points, or 2.44% and Nasdaq 100 E-minis were up 256.25 points, or 2.12%

The World Health Organization chief hailed as “encouraging” Pfizer and BioNTech’s announcement. “We welcome the encouraging vaccine news from @pfizer & @BioNTech_Group & salute all scientists & partners around the who are developing new safe, efficacious tools to beat #COVID19,” WHO director Tedros Adhanom Ghebreyesus said in a tweet.

“The world is experiencing unprecedented scientific innovation & collaboration to end the pandemic,” he said.

WHO chief scientist Soumya Swaminathan said in a tweet Monday that the news from Pfizer and BioNTech should “encourage all developers of #COVID19 vaccines to continue with clinical trials.” “The world needs several safe, effective & affordable vaccines to end this pandemic,” she said.

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