With markets positively drunk on the latest vaccine news, there’s of course a litany of sellside reaction. So, in the spirit of FT Alphaville, here’s the best of it. First, the team at Goldman:
PFE and partner BNTX reported positive top line Ph3 data for its COVID-19 vaccine, BNT162b2. The trial met the primary endpoint (preventing COVID-19 in those without evidence of prior SARS-COv2 infection) and per the release the case split between vaccinated individuals and those who received the placebo indicates a vaccine efficacy rate above 90%, at seven days after the second dose. But as the study continues, the final vaccine efficacy percentage may vary. Per the release the DMC has not reported any serious safety concerns and recommends that the study continues to collect additional safety and efficacy data as planned.
The data will be discussed with regulatory authorities worldwide. No details are available at this point on secondary endpoints, such as impact on severe COVID-19. In our opinion the data should support an emergency use authorization (EUA) filing by the end of November, in line with PFE’s prior guidance. In our view this is a positive for PFE shares and also bolsters our confidence in the outlook for other vaccine candidates in development. As we previewed (LINK) we believe a vaccine efficacy rate above a low end of ~60-65% will likely be viewed positively by investors. Dr. Anthony Fauci (Director of NIAID) has said scientists are hoping for a vaccine that is at least 75% effective, but that 50% or 60% effective would be acceptable (link).
The vampire squid also thinks this is bad news for Gilead’s Remdisivir. At pixel, Gilead is flat in pre-market.....
....MUCH MORE
Earlier at Alphaville:
"Markets go pop as BioNTech reveals effective Covid-19 vaccine"
