Pfizer COVID-19 Vaccine Gets Approved In Australia

The COVID-19 vaccine made by Pfizer Inc PFE and its partner BioNTech SE BNTX has been approved by Australia’s Therapeutic Goods Administration, Reuters reported Monday (Sydney Time).

What Happened: Inoculation of Pfizer’s vaccine is likely to commence in late February at 80,000 doses per week, Australia’s Health Minister Greg Hunt told reporters.

The New York-based drug multinational reportedly told the Australian government that, while it anticipated continuous supply of the vaccine, it would give global production guidance in mid-February for March and beyond on a weekly basis.

The TGA has approved the Pfizer shot for those aged 16 and above.

Why It Matters: No new cases of community transmissions have been recorded in Australia in the past week and there are no patients receiving intensive care in the country’s hospitals, according to Reuters.

Australia has a target of four million vaccine doses by April and has made commitments of supply to other island nations in the Pacific.

AstraZeneca Plc’s AZN vaccine is still awaiting approval in Australia, but it is expected that CSL will start the domestic supply of that vaccine in March at one million doses a week, according to Hunt.

The international stock of AstraZeneca’s vaccine flowing to Australia would be limited due to the “significant supply shock” experienced by the British drugmaker, Hunt said.

Pfizer’s vaccine has shown efficacy against new strains of COVID-19 that emerged in the United Kingdom and South Africa.

Price Action: Pfizer shares closed nearly 0.2% higher at $36.55 on Friday. On the same day, BioNTech shares closed 2.85% higher at $108.44 and fell 1.05% in the after-hours session to $107.30.