UK Approves COVID-19 Vaccine for Emergency Use

The new coronavirus vaccine has been approved for use by the National Health Service in the UK.

Pfizer Inc. (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) published the conclusion of the phase-three trial two weeks ago.

The study included more than 41,000 participants and resulted in only eight cases of COVID-19 in the group that received two doses of the vaccine.

The conclusion of the trial was that the vaccine was 95% effective at preventing COVID-19.

The UK Government is expecting 800,000 doses of the vaccine as soon as next week. Those in first-priority position to receive the vaccine are residents in care homes and their caregivers. Frontline workers, social care workers, and anyone over 80 years old will be next in line.

Projections from Pfizer indicate that 50 million doses will be produced by the end of the year. Another 1.3 billion are expected by the end of 2021.

Both company’s stock prices rose on the news. At writing, PFE is up more than 3% and BNTX is up about 6%.

The major indexes have shown little reaction to the news. The Dow Jones, Nasdaq Composite, and S&P 500 are all trading in the red near flat.

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