Texas Attorney General Alleges Pfizer Misled Public on COVID-19 Vaccine Efficacy

Texas Attorney General Ken Paxton has filed a lawsuit against Pfizer Inc PFE, alleging the pharmaceutical giant misrepresented the efficacy of its widely-administered COVID-19 vaccine. 

Paxton argued that Pfizer's claim of 95% effectiveness was misleading, based on limited clinical trial data spanning only two months. 

Instead, he highlighted the vaccine's mere 0.85% absolute risk reduction, deeming it substantially less effective than implied.

Moreover, Paxton criticized Pfizer's information handling, alleging censorship of individuals intending to reveal factual discrepancies and facilitate rapid vaccine adoption, thereby enhancing commercial prospects.

The lawsuit aims to restrain Pfizer from disseminating alleged false claims and stifling truthful discourse concerning its vaccine. 

Paxton seeks penalties exceeding $10 million for violating consumer protection laws in Texas.

Pfizer said more than 1.5 billion people have received its vaccine. In Q3, the COVID-19 vaccine sales reached $1.31 billion, down 70%, and Pfizer expects $11.5 billion for FY23.

In the Reuters report, Pfizer emphasized the vaccine's positive safety record across all age groups, underscoring its efficacy in averting severe COVID-19 outcomes like hospitalization and death.

Notably, Paxton, a Republican, has been critical of the Biden administration's pandemic response efforts. 

This lawsuit marks his second legal action against Pfizer within November alone, following an earlier case accusing the company and a supplier of manipulating drug quality control tests.

While Paxton's scrutiny of Pfizer, Moderna Inc MRNA, and Johnson & Johnson JNJ continues, the status of the investigations into the latter two companies remains unclear.

Price Action: PFE shares are down 4.91% at $28.98 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.