Pfizer stock is falling. The pharmaceutical company, one of the producers of Coronavirus vaccines, seems to be suffering from a bad day on the stock market.
Pfizer has just come off an extraordinary rally. Like all Covid-19 vaccine companies, Pfizer has seen its stock market value rise from $26 on the NYSE when the markets collapsed in March, to $43. However, this spike was followed by a retracement due to the latest news.
Pfizer, having received approval for the drug in the UK, is now starting to use it in the US. The Food and Drug Administration (FDA) has given the green light for the extraordinary authorization to use the Pfizer and BioNTech vaccine. Just yesterday, the first dose was administered to a nurse.
At the moment, Pfizer has supplied the USA with more than 2 million doses, but negotiations to supply another 100 million doses seem to have stalled. This is said to be one of the reasons for the fall in the stock market value. The US has reportedly asked for this massive amount of doses by the second quarter of 2021, which is too short a time frame for Pfizer. This, according to Yahoo, would have put the brakes on negotiations.
Pfizer stock falling, but profits growing
Despite today’s setback, Pfizer has other reasons to smile. According to Morgan Stanley, the company will earn €19 billion from vaccines in 2021 alone. A figure that it will have to share with BioNTech, which contributed to the development of the drug.
In the meantime, Pfizer continues to negotiate with European regulators to get the go-ahead for trials in Europe. The European Medicines Agency (EMA) could give its approval to administer the vaccine by Christmas. This would mean that the first doses would arrive in Europe in the following days.
According to the German newspaper Bild, two dates should be monitored: December 23rd, the day on which the vaccine could be approved, and December 26th, the day of the possible first administration in Germany.
These are all aspects that promise to increase interest in Pfizer and could also have an impact on its share price.