Pfizer and its German partner BioNTech disclosed a game-changer in the fight against COVID-19.
The duo's vaccine, known as BNT162b2, proved to be 90% effective after being tested on nearly 44,000 participants in its Phase III study. This is a significant milestone in the fight against a virus that has infected more than 50 million people around the globe, resulting in over 1.2 million deaths.
FOX Business takes a look at the key data points investors and consumers should know, as well as reactions from business and political leaders.
PFIZER'S CEO UPDATES ON THE PROGRESS
“Today is a great day for science and humanity. 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,” said Pfizer CEO and Chairman Dr. Albert Bourla, in a statement. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, 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."
TRUMP AND BIDEN REACT
Both President Trump and President-elect Biden commented on the news, signifying the achievement.
"Last night, my public health advisors were informed of this excellent news," Biden said in a statement. "I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope."
"America is still losing over 1,000 people a day from COVID-19, and that number is rising -- and will continue to get worse unless we make progress on masking and other immediate actions," he added. "That is the reality for now, and for the next few months. Today's announcement promises the chance to change that next year, but the tasks before us now remain the same."
Here are a few facts to know about Pfizer and BioNTech's vaccine, compiled by FOX Business.
$39. In July, Pfizer said it would charge the U.S. $19.50 per dose (the vaccine requires two doses, three weeks apart), FOX Business previously reported.
Number of doses:
Pfizer has previously said it hopes to produce as many as 50 million doses by the end of this year (assuming approval from the FDA) and as many as 1.3 billion in 2021. At 2 doses per vaccination, that translated to 25 million people receiving a vaccination.
Tinglong Dai, an associate professor of Operations Management & Business Analytics at Johns Hopkins, said the U.S. will likely initially roll out the vaccines to adults.
"Given that the U.S. has a total of 250 million adults. If 75% of the adult population takes two doses each, we will need about 375 million doses," Dai told FOX Business via email.
Potential revenue to Pfizer:
At least $2 billion. Pfizer agreed to provide the U.S. -- via Operation Warp Speed -- up to 100 million doses for $1.95 billion, Fox News reported in July.
The agreement added the U.S. has the option to buy an additional 500 million doses.
I's still unknown at this point when the vaccine will be approved by the FDA. However, most experts believe "the second half of 2021" is when the vaccine will get into the hands of most Americans, Dai added.
"That said, the timeline can be expedited if we can rapidly converge to one or two vaccines and have a relatively simple supply chain," Dai explained.