Pfizer CEO CEO Albert Bourla said today the company's vaccine could be distributed to Americans by the end of the year if found to be safe and effective.
The vaccine issue is critical to the U.S. economic recovery and could be material to the re-election of President Donald Trump in November, as a vaccine will restore confidence for larger gatherings, air travel, et cetera.
The drugmaker should have key data from its late-stage trial for the Food and Drug Administration by the end of October, Bourla said during an interview on CBS’ “Face the Nation.” If the FDA approves the vaccine, the company is prepared to distribute “hundreds of thousands of doses,” he said.
The U.S. pharmaceutical giant has been working alongside German drugmaker BioNTech. In July, the U.S. government announced it would pay the companies $1.95 billion to produce and deliver 100 million doses of their vaccine if it proves safe and effective. The deal was signed as part of Operation Warp Speed, the Trump administration’s effort to accelerate development and production of vaccines and treatments to fight the coronavirus, reported CNBC.
Bourla said Sunday that the company has already invested $1.5 billion for the development of the potential vaccine. He said if the vaccine failed to work it would be financially “painful” for the company.
“At the end of the day, it’s only money. But that will not break the company, although it’s going to be painful,’” he said on CBS's Face The Nation.
Financial markets could move higher tomorrow morning on the news.
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