Pfizer and BioNTech companies announced on Monday, November 9, 2020, that a vaccine jointly developed by both parties was 90 percent effective in preventing Covid-19 infections in ongoing Phase 3 trials.
The statement was released as soaring coronavirus cases across the world have forced many millions of people back into lockdown, causing further damage to ravaged economies.
European stock markets and oil prices jumped on the announcement.
And US President Donald Trump, who lost last week’s election in part over his administration’s response to the pandemic, hailed the announcement as “such great news”.
According to preliminary findings, protection in patients was achieved seven days after the second of two doses, and 28 days after the first. 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.
“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,” he said.
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most.”