Pfizer is one of the pioneers in the race to develop a vaccine against Covid (pictured)
Strong points
- Pfizer said it could deliver 40 million doses to the United States in 2020
- This can happen if clinical trials go as planned, Pfizer said
- Company plans to apply for emergency use authorization in November
New York, United States:
Pfizer executives on Tuesday expressed measured optimism about the prospect of delivering a vaccine against the coronavirus in 2020, as the pharmaceutical giant announced lower third-quarter profits due to a healthcare disruption that has impaired demand for drugs.
Pfizer chief executive Albert Bourla said the drug giant could deliver some 40 million doses to the United States in 2020 if clinical trials go as planned and regulators approve a vaccine.
“If all goes well, we will be ready to distribute an initial number of doses,” said Bourla, who referred to a US government contract for Pfizer to provide 40 million doses by the end of this year and 100 million doses by March 2021.
But Bourla said the company still has not met key criteria for evaluating vaccine effectiveness. Pfizer previously said it could have the data in October.
Bourla said the company plans to file an emergency use authorization application for its Covid-19 vaccine during the third week of November, roughly in line with previous schedules.
When asked if he was “optimistic” the vaccine would work, Bourla said: “I am not optimistic a vaccine will work. I am cautiously optimistic that the vaccine will work.”
As for profits, Pfizer reported a 71% drop in profits to $ 2.2 billion. The period a year ago included a significant gain related to a transaction.
Revenue fell four percent to $ 12.1 billion, without analyst estimates.
Pfizer has estimated Covid-19-related revenue of $ 500 million due to declining pharmaceutical demand in China and the number of patient wellness visits to the United States.
The company saw an 11% drop in hospital business in emerging markets, mainly due to a decrease in elective surgeries in China and shorter hospital stays in the country.
This effect was partially offset by increased demand for the Prevnar-13 pneumonia vaccine “resulting from increased awareness of the respiratory disease vaccine,” the company said.
Pfizer also cited good performance in its biopharmaceutical business thanks to good sales of the cancer drug Ibrance, the anticoagulant Eliquis and other drugs.
Shares edged up 0.1 percent to $ 37.97 in the afternoon session.
(This story was not edited by GalacticGaming staff and is auto-generated from a syndicated feed.)
