Jim Cramer: 'Ill-Advised' to Buy Pfizer Because of a Vaccine
Pfizer, on Wednesday, said that it had struck a deal with the European Union to supply as many as 300 million doses of its experimental coronavirus vaccine, which it hopes will receive regulatory approval as early as next month.
Pfizer is working with Germany's BioNTech to develop its BNT162b2 mRNA-based vaccine, said it could have as many as 1.3 billion doses ready by the end of 2021. The groups reached a $2 billion agreement with the Department of Health and Human Services and the Department of Defense in late July to provide 600 million doses to the U.S. government.
“Pfizer and BioNTech’s anticipated agreement with the European Commission is an important step forward in our shared goal to have millions of doses of a vaccine against COVID-19 available for vulnerable populations before the end of the year. We would like to thank the European Commission for its commitment and confidence in our development efforts,” said CEO Albert Bourla. “We have activated our supply chain, most importantly our site in Belgium, and are starting to manufacture so that our vaccine would be available as soon as possible, if our clinical trials prove successful and regulatory approval is granted.”
And Pfizer could see its candidate seek regulatory approval as soon as October.
Jim Cramer discusses vaccine stocks in the video above.
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