Pfizer share price surges on Covid treatment drug trial results

It now means there are two promising candidates for treating Covid-19 patients early in the course of the disease

Fri, 05 Nov, 2021 - 17:37

Alan Healy

Shares in Pfizer surged today following news that clinical trials showed its Covid-19 pill reduced hospitalisations and deaths in high-risk patients.

The drugmaker said it now plans to submit the findings to regulatory authorities for emergency authorisation as soon as possible.

The trial results show the drug reduced hospitalisations by 89%, a result that has the potential to upend how the disease caused by the coronavirus is treated, altering the course of the pandemic.

A pill that could be taken at home at the first sign of symptoms is a crucial tool for taming the Covid-19 crisis globally, so long as it is widely available. A Pfizer spokesperson said submissions to other regulatory agencies will occur shortly after filing with the US authority.

It now means there are two promising candidates for treating Covid-19 patients early in the course of the disease. Last month, Merck and partner Ridgeback Biotherapeutics submitted their experimental pill to regulators after a study showed it slashed the risk of getting seriously ill or dying by half in patients with mild to moderate Covid-19.

Shares gain 11%

Shares in Pfizer gained as much as 11% in trading on the New York Stock Exchange.

In a statement, Pfizer said its manufacturing facility in Ringaskiddy in Cork will support the global manufacturing of the oral antiviral drug. The company had begun investing in facilities for the drug's manufacture prior to receiving regulatory authorisation.

"Pfizer’s site in Ringaskiddy has an established and successful history of contributing to our manufacturing efforts," a spokesperson said.

"Tackling the Covid-19 pandemic will likely require both vaccination and targeted treatments for those who contract the virus. Pfizer continues to dedicate its best-in-class global resources at all levels to work towards the development of responses to the Covid-19 pandemic, including the development of potential antiviral treatments."

The Pfizer drug works to block a crucial enzyme that the Covid-19 virus needs to replicate. It is taken twice a day for five days and used in combination with a second medicine called ritonavir that helps the Pfizer compound to stay in the bloodstream longer.