Oral COVID-19 Treatment Welcomed by Biden... Pfizer Soars, Moderna Plummets

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Joe Biden stated that the United States has already secured a significant amount of Pfizer's oral COVID-19 treatment pills and will use them immediately once approved by health authorities. While Pfizer's stock surged due to the development of the oral treatment, stocks of vaccine-related companies continued to plummet.

On the 5th (local time), President Biden said, "The United States has secured millions of doses in preparation for the experimental antiviral pills developed by Pfizer for COVID-19 treatment, in case they prove to be effective treatments."

President Biden expressed high expectations, saying, "Once this drug receives approval from the U.S. Food and Drug Administration (FDA), the United States will have immediate access to the treatment," and added, "This treatment will be another tool in our toolbox to protect people from the worst outcomes of COVID-19."

He anticipated that this treatment could drastically reduce the risk of hospitalization and death caused by COVID-19.

On the same day, Pfizer announced that clinical trial results for the COVID-19 treatment pill showed a reduction in hospitalization and death rates by up to 89%, and that they plan to apply for FDA approval as soon as possible.

According to Pfizer's announcement, this COVID-19 treatment is more effective than the oral COVID-19 treatment developed by Merck & Company (MSD). Merck's treatment was reported to reduce the risk of severe illness or hospitalization by about half. Merck has applied for emergency use authorization from the FDA for its oral treatment.

Pfizer's announcement of the oral treatment also had a significant impact on the stock market. On that day, Pfizer's stock price surged by 10.8% on the New York Stock Exchange, but Moderna, which only manufactures vaccines, suffered a 16.5% drop, and BioNTech, Pfizer's COVID-19 vaccine manufacturing partner, experienced a 20% plunge. Novavax, which is also developing a COVID-19 vaccine, saw its stock fall by 11%.

Merck, which is developing an oral COVID-19 treatment, also saw its stock price fall by 9.8%.

This content was produced with the assistance of AI translation services.