Tuesday, May 03, 2022 12:44:28 PM
Pfizer Inc. slumped after Paxlovid, its pill for treating Covid-19, failed to show benefit as a preventive therapy in a trial.
https://finance.yahoo.com/news/pfizer-falls-covid-pill-fails-130238318.html
"Paxlovid is poised to become one of the fastest-selling drugs of all time, with $24 billion in projected 2022 sales, according to analytics group Airfinity Ltd. Pfizer has also reaped billions in global sales from its Covid-19 vaccine.
The company said late Friday that the drug failed to hit its main goal of reducing the risk that adults exposed to the coronavirus through contact with a household member would become infected. Compared with those who took a placebo, people who received Paxlovid had about a third less risk of infection, which wasn’t statistically significant.
The shares fell 2.2% at 9:36 a.m. in New York. They had declined 17% this year through Friday’s close.
The trial failure, along with reports of rebounding coronavirus levels in some patients who have completed a course of Paxlovid, are unlikely to change the drug’s sales potential, according to Bloomberg Intelligence analysts John Murphy and Sam Fazeli.
“The trial miss at most takes away a small incremental sales opportunity in future years,” they said Monday in a research note. The reports of rebound infections are “also not surprising as viral dynamics during an infection are unlikely to fit perfectly with a rigid 5-day course.”
Morgan Stanley analysts, who had estimated the drug’s sales to reach $48 billion in 2022, said the prophylaxis data might affect their forecast."
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