Pfizer and BioNTech say their COVID-19 vaccine is over 90% effective

(Reuters) - Pfizer Inc said on Monday its experimental COVID-19 vaccine was more than 90% effective, a major victory in the fight against a pandemic that has killed more than a million people, battered the world’s economy and upended daily life.

Pfizer and German partner BioNTech SE are the first drugmakers to release successful data from a large-scale clinical trial of a coronavirus vaccine. The companies said they have so far found no serious safety concerns and expect to seek U.S. authorization this month for emergency use of the vaccine.

If authorised, the number of doses will initially be limited and many questions remain, including how long the vaccine will provide protection. However, the news provides hope that other COVID-19 vaccines in development may also prove effective.

“Today is a great day for science and humanity,” Albert Bourla, Pfizer’s chairman and chief executive, said.

“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”

BioNTech Chief Executive Ugur Sahin told Reuters he was optimistic the immunisation effect of the vaccine would last for a year although that was not certain yet.

“The efficacy data are really impressive. This is better than most of us anticipated,” said William Schaffner, infectious diseases expert at Vanderbilt University School of Medicine, Nashville, Tennessee. “The study isn’t completed yet, but nonetheless the data look very solid.”

The prospect of a vaccine electrified world markets with S&P 500 futures hitting a record high and tourism and travel shares surging. Stocks in European airlines such as ICAG, Lufthansa and AirFrance KLM jumped a third.

Pfizer shares were indicated 12.5% higher in pre-market trading in New York, while BioNTech’s U.S. stock leapt 21%.

“Light at the end of the tunnel. Let’s just hope the vaccine deniers won’t get in the way, but 2021 just got a lot brighter,” said Neil Wilson, chief market analyst at Markets.com

Shares of other COVID-19 vaccine developers in the final stage of testing also rose with Johnson & Johnson up 3.3% in pre-market trading and Moderna 4.1% stronger. Britain’s AstraZeneca, however, was down 2.1% after earlier rising 0.5% on the news.

‘NEAR ECSTATIC’

Pfizer expects to seek broad U.S. authorization for emergency use of the vaccine for people aged 16 to 85. To do so, it will need two months of safety data from about half the study’s 44,000 participants, which his expected late this month.