Pfizer touts COVID-19 vaccine with over 90 percent effectiveness

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A kit utilized by Pfizer and BioNTech in its vaccine trials. - ROBIN RAYNE/ZUMA PRESS

Pfizer (NYSE: PFE) and BioNTech (Nasdaq: BNTX) are one step closer to developing a COVID-19 vaccine, which the companies tout has an effectiveness rate of 90% based on preliminary data.

According to the companies, their mRNA-based vaccine candidate, BNT162b2 showed a more than 90% efficacy rate in preventing COVID-19 in trial participants.

Pfizer and BioNTech enrolled 43,538 participants in Phase 3 clinical study of BNT162b2. Forty-two percent (42%) of the participants have diverse backgrounds and have no serious safety concerns.

An independent Data Monitoring Committee (DMC) evaluated 94 cases of COVID-19 in trial participants from the Phase 3 clinical study. Half of the participants received placebo and half were vaccinated. The participants took two doses. The DMC found that the efficacy rate was over 90% at 7 days after the second dose, which means the protection is achieved 28 days after the vaccination. The DMC hasn’t reported any serious safety concerns.

In a statement, Pfizer Chairman and CEO, Dr. Albert Bourla said, “Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19.”