Analyst: What Pfizer Means for Other COVID-19 Vaccine Candidates

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Pfizer's vaccine candidate was found to be 90% effective in late-stage trials and plans to seek Emergency Use Authorization from U.S. health officials later this month.

Pfizer's CEO, Albert Bourla said the vaccine's success could be the most significant medical advance the world has seen in the past 100 years.

Pfizer said it saw no serious safety concerns from its ongoing trial, the only major study not linked to the U.S. government's 'Operation Warp Speed' program, and expects to have as many as 1.3 billion doses produced next year if and when the drug is ultimately approved by regulators. In the interim, Pfizer said it would seek Emergency Use Authorization from the U.S. Food & Drug Administration in late November.

“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,” Bourla said. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen."

Steve Seedhouse, biotech analyst at Raymond James joined TheStreet to discuss his outlook on Pfizer's candidate and what this means for other candidates. 

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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