Pfizer Inc. (NYSE: PFE) revealed that the U.S. government has committed to purchasing an additional 10 million courses of its COVID-19 oral therapy, PAXLOVID (nirmatrelvir tablets and ritonavir tablets).
The U.S. government previously agreed to buy 10 million courses, bringing the total order to 20 million. Altogether, 10 million PAXLOVID treatment courses are likely to be delivered by the end of June, with the remaining 10 million expected by the end of September.
Pfizer CEO Albert Bourla said, “With the Omicron variant surging, the availability of and accessibility to treatment options is of utmost importance, as millions of people are being diagnosed with COVID-19 each and every day. With data showing significant reductions in hospitalizations and deaths, along with the potential for PAXLOVID to maintain robust antiviral activity against Omicron, we believe this therapy will be an important tool in the fight against COVID-19. We are pleased to be working with the U.S. government to help broaden patient access to this potentially game changing therapy.”
Recently, the U.S. Food and Drug Administration (FDA) authorized the emergency use of PAXLOVID for the treatment of mild-to-moderate COVID-19 in adults and pediatric patients (aged 12 years and older with a minimum weight of 40 kg). These include individuals with positive results from direct SARS-CoV-2 viral testing, and who are at a high risk of getting severe COVID-19.
Wall Street’s Take
Recently, Bernstein analyst Aaron Gal maintained a Hold rating on PFE but increased the price target to $65 (19.2% upside potential) from $44.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 7 Buys and 11 Holds. The average Pfizer price target of $57.35 implies 5.17% upside potential to current levels. Shares have gained 53.7% over the past year.
Pfizer scores a “Perfect 10” from TipRanks’ Smart Score rating system. This makes it one of TipRanks’ Top Stocks and implies that the stock has strong potential to outperform market expectations.
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