Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine

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The coronavirus pandemic put enormous pressure on the pharmaceutical industry, forcing pharma companies to roll out clinical trials for a COVID-19 vaccine at breakneck speed.

Since the United Kingdom authorized the use of Pfizer and BioNTech’s COVID-19 vaccine, the US pharmaceutical giant has taken centre stage in the COVID-19 fight.

According to data presented by Stock Apps, the market capitalization of the US multinational pharmaceutical corporation surged by more than $26bn since the UK announced the use of its vaccine.

Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine

Recovery After Stock Market Crash in March

As one of the largest pharmaceutical companies globally, Pfizer has witnessed a sharp drop in market cap amid the COVID-19 crisis.

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In December 2019, the combined value of shares of the US pharma giant stood at $216.8bn, revealed the Yahoo Finance data. After the stock market crash in March, this figure slumped to $181.2bn. The negative trend continued in the second quarter of the year, with the market cap amounting to $181.6bn in June.

Although Pfizer’s stock price slightly increased in the third quarter, with the market cap rising to almost $204bn in September, it was still $12bn below December levels.

After becoming the first pharmaceutical company whose vaccine has been officially authorized for emergency use in the United Kingdom, Pfizer’s stock price surged in just a few days. A final analysis of the Phase 3 trial of the vaccine showed it was 95% effective in preventing infections, and the UK has ordered 40 million doses of the vaccine, enough to vaccinate 20 million people.

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On November 25th, the market capitalization of the US pharmaceutical corporation stood at $203bn. In the next five days, this figure jumped to $213bn and continued rising.

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On December 2nd, it amounted to $226.7bn, a 4.5% increase year-over-year. The MacroTrends data show this value continued growing, reaching $229.2bn this week.

Pfizer YTD Revenue Plunged by $3B

Despite becoming the first company whose vaccine has been authorized for emergency use, Pfizer has suffered the severest financial hit among the top three pharma giants.

In 2019, Pfizer generated $51.75bn in total revenues, with fourth-quarter sales contributing around $12.7bn, down from $14bn in the same quarter a year ago.

However, in the first months of 2020, the sales of the US pharma giant dropped by 7% to $12.2bn. The negative trend continued in the second quarter, with revenue falling to $11.8bn, a 9% decrease YoY.

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Third-quarter sales dropped by $500 million, or 4%, due to COVID-19, primarily driven by lower demand for certain products in China and disruptions to wellness visits for patients in the United States, negatively impacting prescribing patterns for specific products.

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Statistics indicate Pfizer’s revenue for the nine months of 2020 amounted to $35.9bn, a $3bn drop year-over-year.

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Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand SpurPfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand Spur

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Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand SpurPfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand Spur

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- Advertisement -Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand SpurPfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine - Brand Spur