Investing.com -- Pfizer Inc (NYSE:PFE)r shares jumped 2% in after-hours trading after an advisory panel to the U.S. Food and Drug Administration recommended approval of the pharma's Covid-19 vaccine for emergency use.
The recommendation isn't binding, but it clears the way for the FDA to approve the drug and get vaccinations underway for millions of Americans, after the U.K. and Canada regulators cleared the vaccine. FDA approval could come as early as Friday.
Pfizer developed the vaccine with BioNTech SE (NASDAQ:BNTX). In trials, it proved to be 95% effective, though it requires storage in extremely cold environments and may not be suitable for those with severe allergies. Another vaccine developed by Moderna Inc (NASDAQ:MRNA) is still awaiting emergency authorization.
The good news comes as Covid-19 cases spike in the U.S., recording daily records for new infections and deaths.