Pfizer (PFE) - Get Pfizer Inc. Reportshares fell Monday after the manufacturer disclosed disappointing late-stage data from a Covid antiviral therapy, Paxlovid, late Friday ahead of its first quarter earnings this week.
Pfizer said a study involving 3,000 people with''household contacts'' that was infected by Covid failed to meet its primary goal of reducing the overall risk of infection to the person taking the medication. Patients who took a five-day course of Paxloivd were 32% less likely to be infected, while those who took a ten-day course were 37% less likely.
The company said the two tally was''statistically significant.''
According to the CEO, we designed the clinical development program for Paxlovid to be fully functional and ambitious with the goal of being able to assist combat Covid-19 in a broad population of patients. However, these results do not influence the robust efficacy and safety assumptions we conducted in our previous study for the treatment of Covid-19 patients at a high risk of developing severe illness, and we are grateful to see the increased worldwide use of Paxlovid in that population.
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Moderna seeks an emergency authorization for the Covid vaccines of children under the age of 6.
Pfizer''s stock was down 1.5 percent in pre-market trading Monday, indicating a $48.34 per opening bell price.
Pfizer announced earlier this year that sales of its recently-approved Covid tablet Paxlovid would reach $22 billion, with Comirnaty vaccination sales expected to surpass $32 billion.
Pfizer said it will sell around 10 million shares of its Paxlovid medication, which was approved for emergency use by the US Food & Drug Administration on December 22, to the Department of Health and Human Services in the United States.
For $530 per tablet, the cost is roughly 25% lower than the $700 price agreed with Merck & Co. in October to buy 1.7 million doses its''molnupiravir'' treatment of "mild-to-moderate Covid in adults at risk of developing severe illness or hospitalization.
Pfizer''s first quarter earnings will be published before the start of trading on Tuesday, with analysts looking for a $0.47 per share on revenues of just under $24 billion.
Pfizer said in February that its adjusted earnings in the region of $6.35 to $6.65 per share, compared to Refinitiv''s $6.69 estimate, and revenues of between $98 billion and $102 billion.