Pharmaceutical corporation Pfizer announced on Thursday that the United States government will pay $5.29 billion for 10 million treatment courses of its experimental antiviral pill against the Wuhan coronavirus.
The pill, PAXLOVID, will be delivered by Pfizer beginning later this year and concluding in 2022, the company’s press release states. It notes that pricing for PAXLOVID “is based on the principles of advance commitment, volume, equity, and affordability.” Pfizer has also entered into advance purchase agreements with several other countries.
“We were thrilled with the recent results of our Phase 2/3 interim analysis, which showed overwhelming efficacy of PAXLOVID in reducing the risk of hospitalization among high-risk patients treated within three days of symptom onset by almost 90% and with no deaths, and are pleased the U.S. government recognizes this potential,” said Albert Bourla, Pfizer’s chairman and chief executive officer in a statement.
