On Tuesday, Pfizer (PFE) CEO Albert Bourla confirmed that Pfizer is working toward making its experimental oral drug available by the end of the year to treat Covid-19 at the first signs of illness.
The drug is a protease inhibitor belonging to a class of medication. It inhibits the activity of a particular enzyme that the virus requires to infect and replicate in human cells. HIV and hepatitis C are among the pathogens that are treated with protease inhibitors.
In March, The PFE stock developed and licensed the first Covid-19 vaccine approved for use in the US and Europe. The German pharmaceutical company BioNTech started a pilot study testing a new antiviral therapy to combat the disease.
The US Food and Drug Administration (FDA) is likely to approve the drug based on clinical trials, Bourla told CNBC earlier this week.
Newly infected people may have access to the drug outside of hospitals since they could consume it. In addition to keeping cancer from progressing, the drug could also help patients avoid going to the hospital.
Pfizer’s vaccine is also being tested in children ages six months to 11 years old in addition to the drug. Public health officials and infectious disease experts say vaccination is crucial to ending the coronavirus pandemic.
After the vaccine was proven effective in a study, the PFE stock asked the FDA earlier this month to approve the injection to be given to teens aged between 12-and-15. The FDA approval of teen drugs has been “very optimistic” upon Bourla’s statement.
Since last year, the performance of the stock has been positive. PFE’s performance in the last year saw an increase of 5.85%, while during the past six months, it surged by 6.27%. PFE has an annualized return of 6.07%, and it has an annualized return of 3.06% over the past quarter. Performance for the past week is -1.49%.