Why Pfizer Stock Is Rising Today

Pfizer Inc PFE shares are trading higher Thursday after the company and BioNTech SE BNTX announced a new COVID-19 vaccine supply agreement with the U.S. government.

Under terms of the agreement, the two companies will provide the U.S. government with 105 million doses of their COVID-19 vaccine. The government will pay $3.2 billion upon receipt and also has the option to purchase up to 195 million additional doses, bringing the total number of potential doses to 300 million.

The vaccine doses are expected to be delivered as soon as "late summer 2022" and delivery will continue into the fourth quarter.

Pfizer also announced the submission of a New Drug Application to the U.S. Food and Drug Administration for approval of PAXLOVID for patients at high risk for progression to severe illness from Covid.

PAXLOVID is currently approved or authorized for conditional or emergency use in more than 65 countries across the globe.

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PFE Price Action: Pfizer has traded between $61.71 and $38.82 over a 52-week period.

The stock was up 3.3% at $52.62 at press time, according to data from Benzinga Pro.

Photo: x3 from Pixabay.