You are here: Home » Markets » News
Business Standard

Pfizer surges 19% as parent claims Covid-19 vaccine 90% effective

Pfizer and its German partner BioNTech SE said they had so far found no serious safety concerns

Topics
Pfizer | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

pharmacy, drugs, medicine, pharma companies, pharmaceuticals, vaccine, coronavirus, covid, testing
Representative image

Shares of rallied 19 per cent to its record high of Rs 5,875 on the BSE on Tuesday after its parent company Inc said that its Covid-19 vaccine was more than 90 per cent effective, based on initial trial results.

The pharmaceutical company's stock surpassed its previous high of Rs 5,273.55, touched on October 27, 2020. At 09:51 am, the stock erases its gain and was trading 7 per cent higher at Rs 5,275, against 0.7 per cent rise in the S&P BSE Sensex. The stock rallied 63 per cent from its March low of Rs 3,588.

According to Reuters report, and its German partner BioNTech SE said they had so far found no serious safety concerns and expected to seek U.S. authorization this month for emergency use of the vaccine, raising the possibility of a regulatory decision as soon as December.

If granted, the companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021, the report said. CLICK HERE TO READ FULL REPORT

Pfizer plans to submit Emergency Use Authorization (EUA) in the third week of November, after the 2-month median safety milestone is achieved.

“We look forward to tolerability and safety details, which have not yet been disclosed. The trial will continue through a final analysis at 164 confirmed cases. The trial has enrolled 43,538 participants to date, and of these, 38,955 had received a second dose as of November 8.The press release noted that there will be a new secondary end point evaluating efficacy based on cases accruing 14 days after the second dose,” Morgan Stanley said in Pfizer Inc stock update.

“We continue to believe in Pfizer’s strong growth track record in power brands and capability in new launches on a fairly consistent basis (recent launches from parent’s staple- Zavicefta, Zinforo, Meronem (all anti-infective), Eliquis (CVS), Xeljanz (pain management) among others),” ICICI Securities said in September quarter results update.

Pfizer India is a net debt-free company with healthy core RoE of 31 per cent in FY20. Strong brand recall, consistent new product launches and acquisition of new brands, volume growth in top brands and intermittent price hikes provide comfort on the financials front. The company had declared a Rs 330 (Rs 320: special, Rs 10: final) dividend for FY20. Additionally, it has maintained a dividend payout of 25-30 per cent during FY16-19, it said.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 10 2020. 09:58 IST
RECOMMENDED FOR YOU
.