Pfizer authorizes $1 billion for oral COVID-19 treatment, CEO says
Pfizer (PFE) CEO Albert Bourla is betting big on repeating the success of its COVID-19 vaccine with an experimental oral treatment — and he's putting the company's money where its mouth is.
Bourla told Yahoo Finance Wednesday the company is committing $1 billion to develop the oral treatment — a protease inhibitor — which would give the world an easy-to-use, targeted treatment, hopefully by year's end.
The current market for COVID-19 treatments includes monoclonal antibodies and some repurposed drugs, including generics and Gilead Sciences' (GILD) Veklury (formerly Remdesivir) - all of which require being in a hospital or clinic to receive treatment.
Last year, Pfizer jolted the race for a coronavirus shot with its $2 billion commitment, at risk, to develop the COVID-19 vaccine in partnership with BioNTech (BNTX). The approach was different from competitors relying on government funding from what was then Operation Warp Speed, to help with R&D costs.
On Wednesday, the company projected total COVID-19 vaccine revenue could top $33.5 billion for 2021. Of that, Pfizer estimates its cut - after sharing 50% royalties with BioNTech, covering costs and taxes - to be in a range of $8.4 billion to $9.7 billion.
