Health and Healthcare
Pfizer and BioNTech Set to Receive a Sweet Payoff for COVID-19 Vaccines
Published:
Last Updated:
Pfizer Inc. (NYSE: PFE) and BioNTech S.E. (NASDAQ: BNTX) announced another progression in the U.S. government’s Operation Warp Speed program. The goal is to begin delivering 300 million doses of the vaccine for COVID-19 in 2021, but in the meantime, these companies will get a nice payoff.
Under the agreement, the U.S. government will receive 100 million doses of BNT162, the COVID-19 vaccine candidate jointly developed by Pfizer and BioNTech, after Pfizer successfully manufactures and obtains approval or emergency use authorization from U.S. Food and Drug Administration (FDA).
Accordingly, the U.S. government will pay the companies $1.95 billion upon the receipt of the first 100 million doses, following FDA authorization or approval. The U.S. government also can acquire up to an additional 500 million doses.
Also, Americans will receive the vaccine for free consistent with U.S. government’s commitment for free access for COVID-19 vaccines.
If the ongoing studies are successful, Pfizer and BioNTech expect to see regulatory approval as early as October 2020. The companies currently expect to manufacture globally up to 100 million doses by the end of 2020 and potentially more than 1.3 billion doses by the end of 2021.
Pfizer and BioNTech are at the front of the pack in terms of the development of a vaccine. The companies recently released new preliminary data from this German study supports and expands on the recently disclosed early results from the corresponding U.S. trial with BNT162b1.
Separately, BioNTech announced that it is raising over $400 million in a secondary offering. This is after shares have risen over 160% this year so far.
Pfizer stock traded up about 5% to $38.51 on Wednesday, in a 52-week range of $27.88 to $43.17. The consensus price target of $40.04.
BioNTech stock was up about 9%, at $99.50 in a 52-week range of $12.52 to $105.00. The consensus price target is $55.39.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
