Why Pfizer Popped While the Market Flopped Today
Thursday was generally a lousy day to be a stock investor...unless you're a shareholder of Pfizer (NYSE: PFE), that is. The mighty U.S. pharmaceutical company was a winner, with its shares rising almost 3% in contrast to the S&P 500 index's nearly 1% decline. A new supply agreement for the company's Comirnaty coronavirus vaccine was the tailwind pushing the stock forward.
Pfizer and BioNTech, the German biotech that co-developed Comirnaty, announced that the U.S. government is ordering new doses of the vaccine. The Feds are to receive 105 million doses, which could include omicron-adapted versions of the jab if the Food and Drug Administration (FDA) authorizes them. The deal also provides an option for the government to buy up to 195 million more doses.
After those initial 105 million doses are delivered, Pfizer and BioNTech will receive $3.2 billion in combined payment.
Source Fool.com
