11/5/2021, 11:49 AM (Source: TeleTrader)
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Chart for: Pfizer Inc

Pfizer says COVID drug decreases risk of death, hospitalization by 89%

Pfizer Inc. announced on Friday that its COVID-19 drug paxlovid reduces hospitalization and death by 89% compared to placebo in patients treated within three days of symptom onset. According to an interim analysis of the Phase 2/3 trial involving 1219 patients, 0.8% of patients receiving the treatment were hospitalized and none died within 28 days of the trial, compared to 7% of patients in the placebo group, including 7 deaths.

The company said it plans to submit the data as part of its ongoing rolling submission to the United States Food and Drugs Administration (FDA) "as soon as possible." If approved, the drug "could be prescribed more broadly as an at-home treatment to help reduce illness severity, hospitalizations, and deaths, as well as reduce the probability of infection following exposure among adults," Pfizer said.

Pfizer's stock traded 10.7% higher premarket as the company announced the results of the study.

Baha Breaking News (BBN) / DJ