Shares of Pfizer (PFE) are under pressure in Monday morning trading after its pill for treating COVID-19, Paxlovid, failed to show a statistically significant benefit as a preventive therapy in a trial. Late Friday, the company shared top-line results from its Phase 2/3 EPIC-PEP study evaluating Paxlovid for post-exposure prophylactic use. In this trial, compared to placebo, Pfizer observed risk reductions of 32% and 37% in adults who received Paxlovid for five and ten days, respectively, to prevent infection. These results, however, were not statistically significant and, as such, the primary endpoint of reducing the risk of confirmed and symptomatic COVID-19 infection in adults who had been exposed to the virus through a household contact was not met. “While we are disappointed in the outcome of this particular study, these results do not impact the strong efficacy and safety data we’ve observed in our earlier trial for the treatment of COVID-19 patients at high risk of developing severe illness, and we are pleased to see the growing global use of Paxlovid in that population,” Albert Bourla, Chairman and Chief Executive Officer, Pfizer said. PRICE ACTION: In Monday morning trading, shares of Pfizer have dropped about 2% to $48.09.
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