Why Pfizer Shares Are Making New All-Time Highs Today

Pfizer Inc PFE is trading higher Wednesday as COVID-19 variant concerns lift vaccine makers. Recent data on the company's COVID-19 antiviral candidate and FDA approval of the sNDA for XELJANZ have also helped lift the stock.

The omicron variant is reportedly spreading faster than any other COVID-19 variant.

Pfizer announced yesterday that its oral antiviral treatment candidate, PAXLOVID, significantly reduced the risk of hospitalization or death by 89% compared to placebo in non-hospitalized, high-risk adult patients with COVID-19 treated within three days of symptom onset.

The company also announced yesterday that the U.S. Food and Drug Administration approved the sNDA for XELJANZ for the treatment of adults with active ankylosing spondylitis who have had an inadequate response or intolerance to one or more tumor necrosis factor blockers.

See Also: Why Eli Lilly Shares Are Rising Today

Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion (excluding COVID-19 vaccine sales).

PFE Price Action: Pfizer is making new all-time highs during Wednesday's trading session.

The stock was up 5.76% at $58.74 at time of publication.

Photo: JFCfilms from Pixabay.