Pfizer Says Coronavirus Vaccine Could Be Available By Fall, US Clinical Trials To Begin Next Week

Pfizer Inc. PFE chief executive officer Albert Bourla on Tuesday said the clinical trials for its novel coronavirus (COVID-19) vaccine are expected to start next week in the United States, pending approval from health regulators.

What Happened

"This is a crisis right now, and a solution is desperately needed by all," Bourla told the Wall Street Journal.

The executive added that results from the study could become available within a month if the trial starts as expected.

If the initial clinical trials are successful, Pfizer could provide the vaccine on an "emergency basis" to the public, and receive approval for widespread distribution by the year's end, the Journal reported.

"You can imagine the demand for something like that will be extremely, extremely high," Bourla said.

Pfizer is developing an mRNA vaccine candidate for COVID-19 in partnership with Germany's BionNTech SE BNTX. Last Wednesday, the two companies announced they received approval from German regulators to start the first COVID-19 vaccine clinical trial in the country.

Pfizer has dedicated about $500 million to its coronavirus drug and vaccine research efforts and another $150 million to increasing production capacity, the Journal noted.

Why It Matters

Others, including Moderna Inc. MRNA, Inovio Pharmaceuticals Inc. INO, and Oxford University, are already conducting clinical trials.

Moderna on Monday said it is seeking Food and Drug Administration's approval to start the second phase of its clinical trials.

Oxford University researchers earlier noted their vaccine could be mass produced by September.

According to Inovio CEO Joseph Kim, it's possible for the company's vaccine to be available for public use in 12 to 18 months.

Johnson & Johnson JNJ expects to start its vaccine trials in September.

Pfizer Price Action

Pfizer stock closed 1.1% lower at $37.91 on Tuesday. The shares traded 0.63% higher in the after-hours session at $38.15.