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Tag: Pfizer Inc.

  • Ozempic and other weight-loss drugs boost pharmacy sales at Rite Aid

    Ozempic and other weight-loss drugs boost pharmacy sales at Rite Aid

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    Rite Aid Corp. said Thursday that its fiscal first-quarter pharmacy sales got a boost from a new class of drug.

    Pharmacy sales, which rose 3.4% from a year ago, were boosted by higher sales of Ozempic and other GLP-1 receptor agonists, which are used to treat Type 2 diabetes and obesity.

    The higher sales did not translate into profit, however.

    “As the cost of these drugs is also high, the impact of the increase in volume of these drugs on our gross profit dollars is minimal,” Rite Aid Chief Financial Officer Matthew Schroeder told analysts on the company’s earnings call, according to a FactSet transcript.

    Still, the company
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    cheered investors by raising its full-year revenue guidance due to the sales bump from Ozempic and other high-dollar GLP-1 drugs. It now expects revenue of $22.6 billion to $23 billion, ahead of the FactSet consensus of $22.3 billion.

    Ozempic, Wegovy and Rybelsus, which are made by Novo Nordisk
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    and Mounjaro, which is made by Eli Lilly & Co.
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    have become so popular in the U.S. that supplies have at times run short and the U.S. Food and Drug Administration has been forced to warn patients against using knockoff versions.

    The drugs are administered by injection and mimic the effects of GLP-1, a gut hormone that can help control blood-sugar levels and reduce appetite. GLP stands for glucagon-like peptide.

    Ozempic, Rybelsus and Mounjaro have been approved by the Food and Drug Administration for treatment of Type 2 diabetes, while Wegovy is approved for people with obesity and for certain people with excess weight combined with weight-related medical problems. 

    Last year, more than 5 million prescriptions for Ozempic, Mounjaro, Rybelsus or Wegovy were written for weight management, up from 230,000 in 2019, according to data and analytics firm Komodo Health.

    Obesity drugs could be a $54 billion market by 2030, up from $2.4 billion in 2022, Morgan Stanley said in a report last year. Reports of people who take GLP-1 drugs seeing improvements in addictive behaviors such as smoking and drinking have lately amplified interest in the medications.  

    For more, read: The dark side of the weight-loss-drug craze: eating disorders, medication shortages, dangerous knockoffs

    Drug companies, including Lilly and Pfizer Inc.
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    are now working to develop treatments in the form of pills that could be more convenient alternatives to the injectables.

    See now: Weight-loss drugs in development aim to replace injections with pills

    Rite Aid’s overall numbers surprised on the upside, as its loss was narrower than expected and revenue beat the consensus estimate.

    For more, see: Rite Aid’s stock soars 7.5% after company surprises with earnings that are less bad than feared

    Eleanor Laise contributed.

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  • CDC recommends RSV vaccines from Pfizer, GSK for adults 60 and older

    CDC recommends RSV vaccines from Pfizer, GSK for adults 60 and older

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    Respiratory syncytial virus vial.

    Manjurul | Istock | Getty Images

    The Centers for Disease Control and Prevention on Thursday recommended that adults ages 60 and above receive a single dose of RSV vaccines from Pfizer and GSK after consulting their doctors.

    Outgoing CDC Director Rochelle Walensky signed off on the recommendation, which an advisory panel of outside experts made last week. That endorsement says seniors should work with their health-care providers to decide if taking a shot is right for them. 

    The CDC said the shots are expected to be available to the public this fall, when respiratory syncytial virus – along with Covid and the flu – typically begins to spread at higher levels. 

    “These vaccines provide an opportunity to help protect older adults against severe RSV illness at a time when multiple respiratory infections are likely to circulate,” the CDC said in a statement. 

    The virus is a common respiratory infection that usually causes mild, cold-like symptoms, but more severe cases in older adults and children. Each year, RSV kills 6,000 to 10,000 seniors and a few hundred children younger than 5, according to CDC data. 

    Walensky’s decision comes a month after the U.S. Food and Drug Administration approved the vaccines, making them the world’s first authorized jabs against RSV. 

    Spokespeople for Pfizer and GSK did not immediately respond to requests for comment.

    Both companies last week unveiled late-stage clinical data suggesting that their respective vaccines generally maintain protection against RSV after one season of the virus, which in the U.S. typically lasts from October to March.

    But the panel raised concerns about the lack of efficacy data on subgroups of the elderly population at the highest risk of severe RSV. 

    Dr. Michael Melgar, a CDC medical officer who evaluated data on both shots, said during an advisory panel meeting that adults ages 75 and older and those with an underlying medical condition are underrepresented in phase three clinical trials from both companies.

    He said seniors with weak immune systems were excluded from the trials altogether. 

    Both companies said studies on those populations are ongoing. 

    The CDC panel also raised concerns about the price of the shots, which could limit their accessibility to some Americans. 

    GSK said it will price its vaccine between $200 and $295. Pfizer said it will price its shot between $180 and $270.

    The companies declined to guarantee the pricing.

    Pfizer has also developed a vaccine to protect newborns from RSV.

    An FDA advisory panel last month backed that shot, but raised safety concerns over premature births that may be tied to the jab. The FDA is expected to make a final decision on that vaccine in August.

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  • Be patient with this red-hot tech stock, as it soars to new all-time high

    Be patient with this red-hot tech stock, as it soars to new all-time high

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  • Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations

    Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations

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    Traders work on the floor of the New York Stock Exchange during morning trading, April 10, 2023.

    Michael M. Santiago | Getty Images

    The pharmaceutical industry’s largest lobbying group and two other organizations Wednesday sued the Biden administration over Medicare’s new powers to slash drug prices for seniors under the Inflation Reduction Act

    Pharmaceutical Research and Manufacturers of America, along with the National Infusion Center Association and the Global Colon Cancer Association, argue that the Medicare negotiations with drugmakers violate the U.S. Constitution, in a complaint filed in federal district court in Texas. 

    PhRMA represents many of the largest drugmakers in the world, including Eli Lilly, Pfizer and Johnson & Johnson

    The groups asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from implementing Medicare negotiations without “adequate procedural protections” for drug manufacturers. 

    HHS did not immediately respond to CNBC’s request for comment. 

    It marks the fourth lawsuit challenging the controversial provision of the Inflation Reduction Act, which became law last summer in a major victory for President Joe Biden and Democratic lawmakers.

    The policy aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits. Merck and Bristol Myers Squibb — who are also represented by PhRMA — and the U.S. Chamber of Commerce filed separate lawsuits against the provision earlier this month. 

    The latest lawsuit argues the plan delegates too much authority to the HHS.

    PhRMA and the two organizations also argue that the provision includes a “crippling” excise tax aimed at forcing drugmakers to accept the government-dictated price of medicines, making it an excessive fine prohibited by the Eighth Amendment. 

    The lawsuit also argues the policy violates due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented. 

    “The price setting scheme in the Inflation Reduction Act is bad policy that threatens continued research and development and patients’ access to medicines,” PhRMA CEO Stephen Ubl said in a statement. 

    “It also violates the U.S. Constitution because it includes barriers to transparency and accountability, hands the executive branch unfettered discretion to set the price of medicines in Medicare and relies on an absurd enforcement mechanism to force compliance,” Ubl said.

    The first 10 drugs the provision applies to will be chosen in September, with the agreed prices taking effect in 2026. 

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  • Pfizer wins full FDA approval for oral COVID therapy Paxlovid for adults at high risk of developing severe illness

    Pfizer wins full FDA approval for oral COVID therapy Paxlovid for adults at high risk of developing severe illness

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    Pfizer Inc.
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    said Thursday it has received full Food and Drug Administration approval for its Paxlovid oral treatment for COVID-19 for use in adult patients with high risk of developing severe disease. The treatment has been available in the U.S. since December of 2021 under an Emergency Use Authorization. To date, more than 11.6 million treatment courses have been prescribed. There are still about 14,500 reported cases of COVID in the U.S. every week, but many others are not reported. The U.S. ended the COVID public health emergency on May 11. Pfizer’s stock was down 2% Thursday, and has fallen 26% in the year to date, while the S&P 500 has gained 8%.

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  • NOT REAL NEWS: A look at what didn’t happen this week

    NOT REAL NEWS: A look at what didn’t happen this week

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    A roundup of some of the most popular but completely untrue stories and visuals of the week. None of these are legit, even though they were shared widely on social media. The Associated Press checked them out. Here are the facts:

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    Claims misconstrue Pfizer grants received by NIH nominee’s nonprofit

    CLAIM: A White House press release says that Dr. Monica Bertagnolli, President Joe Biden’s pick to lead the National Institutes of Health, received tens of millions of dollars in research money from Pfizer.

    THE FACTS: The image circulating online has been manipulated; the official announcement didn’t include the funding statistics. Additionally, while Pfizer awarded grants to a nonprofit that Bertagnolli headed up, the money did not go directly to her. The Biden administration, Bertagnolli and the nonprofit have confirmed the funding was largely used to support a major breast cancer clinical trial. But social media users are sharing the misleading screenshot, which includes the same headline and letterhead as Monday’s news release from the White House, but then goes on to say: “From 2015 through 2021, Bertagnolli received more than 116 grants from Pfizer, totaling $290.8 million. This amount made up 89% of all her research grants.” “So basically Joe Biden’s nominating Pfizer to run the National Institutes of Health,” wrote one Twitter user who shared the screenshot. “This is open, evil Big Pharma corruption.” But the passage referencing the Pfizer money was not included in the White House announcement. Instead, it comes from a 2022 story by the Daily Signal, a political news website published by the Heritage Foundation, a conservative think tank. The story ran after Bertagnolli was tapped to lead the National Cancer Institute, which is under NIH. It cites data from a Center for Medicare & Medicaid Services database that tracks payments certain health care providers receive from drug and medical device companies. The public database shows Pfizer’s grants went to the Alliance for Clinical Trials in Oncology, a nonprofit foundation that supports cancer research. Bertagnolli served as its president until becoming director at NCI. The Biden administration stressed the grants were awarded to the nonprofit, not directly to Bertagnolli. “This not-for-profit ran large, nationwide clinical trials on cancer prevention,” Emilie Simons, a White House spokesperson, wrote in an email to The Associated Press. “Funding for large clinical trials like these come from a number of sources, including companies participating in the trials. That’s standard.” Bertagnolli didn’t respond to emails seeking comment, but the Daily Signal article quotes her as saying in a statement that the Pfizer funding went to Alliance, and that “virtually all” of that money went towards a breast cancer clinical trial involving more than 6,000 patients across multiple countries. “The funding was distributed across many different health care institutions—both academic and community—to conduct the trial,” she said in the statement. Suzanne George, the alliance’s interim chair, backed up Bertagnolli’s comments, saying the majority of the funding supported clinical trials of palbociclib, which was developed by Pfizer under the brand name Ibrance for the treatment of breast cancer. “Dr. Bertagnolli did not directly or personally receive any of these funds,” she wrote in an email. Pfizer, meanwhile, declined to comment specifically on Bertagnolli or the research it funded, but said in a written statement that “grantees are not individuals but rather institutions chosen for their credentials and experience.”

    — Associated Press writer Philip Marcelo in New York contributed this report.

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    Video prompts false claims that soldier allowed migrants to cross border illegally

    CLAIM: Video clip shows U.S. soldier opening a gate on a border fence and allowing migrants to enter the country illegally, in violation of U.S. code.

    THE FACTS: Federal officials say the migrants had already crossed the border and were on U.S. soil when they passed through the gated fence. An immigration expert also rejected claims the soldier’s actions violated federal regulations dealing with undocumented immigrants. Amid last week’s end of asylum restrictions imposed during the coronavirus pandemic, social media users are sharing the video clip showing a group of migrants walking beside a tall chain-link fence and then passing single file through a gate while a U.S. soldier looks on. The group then boards a large white bus on the other side of the fence. “American soldiers exposed on camera opening the gate for illegal immigrants entry to America, which is a violation of US code 1324 and 1327,” the text over the clip reads. But there’s nothing illegal about the scene captured on surveillance video Monday morning, say officials with U.S. Customs and Border Protection as well as an immigration law expert. The federal agency said the migrants were already legally on U.S. soil, having earlier crossed the Rio Grande, which is seen in the background of the video. “U.S. Border Patrol continues to enforce U.S. immigration laws,” CBP wrote in its emailed statement. “The individuals had already crossed the Rio Grande from Mexico, were on U.S. soil, and are subject to U.S. immigration laws.” The agency added that anyone who crosses the border illegally is now subject to the “lawful pathways” rule, which took effect last week with the expiration of the pandemic-era asylum restrictions, known commonly as Title 42. Under the new rule, people who enter the country illegally are generally not eligible to seek asylum unless they first applied for asylum in another country and were denied. The agency declined to provide specifics about the incident, including where and when the video was taken, citing privacy concerns “associated with private lands.” But it said the migrants were transported to its processing center in Eagle Pass, Texas. “CBP strives to transport migrants for processing in the safest and most expeditious manner possible,” the agency statement read. “This was the best location for pickup.” Major Jeremy Idleman, a spokesperson for the Missouri National Guard, confirmed the video was captured in Eagle Pass on May 15. He also said the soldier standing at the gate had been part of a unit of Missouri guard members sent to Texas starting this fall to support CBP. “These service members are providing mission enhancing support to CBP’s border security operations to enable CBP agents to conduct their law enforcement mission more efficiently,” Idelman explained in an email. Idleman declined to comment on claims that the soldiers’ actions violated the U.S. codes cited in the post, but Stephen Yale-Loehr, an immigration law professor at Cornell University in New York, dismissed the notion as “ludicrous.” He said Section 1327 of the code is a “rarely-used provision” prohibiting people from aiding certain criminal and subversive foreign nationals from entering the country. Section 1324, the other statute cited in the video, penalizes people who “harbor” undocumented migrants. Yale-Loehr also noted the migrants were taken for processing — as is the agency’s protocol — and weren’t simply let free. “The video doesn’t show any effort to harbor or hide undocumented migrants,” he wrote in an email. “Claims that federal officials are simply letting migrants enter the US illegally are unfounded.” Located across the border from Piedras Negras, Mexico, Eagle Pass is part of Border Patrol’s Del Rio sector, which has increasingly become one of the busiest corridors for illegal crossings.

    — Philip Marcelo

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    Photo of Biden was altered to suggest he touched a child inappropriately

    CLAIM: A photo shows President Joe Biden touching a child inappropriately below the waist.

    THE FACTS: The photo was digitally altered to make it appear as if Biden’s hands were under the child’s shirt. The original photo, which was taken by an AP photographer in 2021, shows the child stretching their shirt to show the president, who is pointing at the shirt in return. The altered photo, however, appears to show Biden kneeling in front of a child, with his hands underneath the kid’s gray shirt. The photo was shared on Instagram with a caption above the photo that reads, “This is what people ‘voted’ for?” The original photo was taken on Oct. 15, 2021, while Biden was visiting the Capitol Child Development Center in Hartford, Connecticut. In the original, the child is stretching their top to show the president, and Biden is pointing at the shirt. A comparison of the two images shows the version circulating on social media has been altered to move the child closer to Biden, and another child standing in the background against a fence has been edited out. A watermark faintly visible on the doctored photo is the name of a Twitter user who regularly posts altered videos that are satirical. They shared the altered image on Twitter in December 2022. C-SPAN also captured video of the moment the photo was taken, and confirms Biden never touched the child in the way the edited image suggests. The footage shows Biden talking to the children at the playground and later giving the child in the photo a hug.

    — Associated Press writer Karena Phan in Los Angeles contributed this report.

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    CDC did not say the polio vaccine gave millions of Americans a ‘cancer virus’

    CLAIM: The Centers for Disease Control and Prevention admitted that 98 million Americans were given a “cancer virus” through the polio vaccine.

    THE FACTS: The CDC has made no such statement, and the claim misrepresents a fact sheet put out by the agency more than 10 years ago about some polio vaccines that were administered between 1955 to 1963. The agency has said that that 10-30% of the 98 million shots administered in that period were contaminated with simian virus 40, or SV40, but that most studies have found no causal relationship between SV40 and cancer in humans. An Instagram user posted a screenshot of an article making the erroneous claim, with a headline reading: “CDC admits 98 million Americans were given cancer virus via the polio shot.” The headline comes from a 2015 article published by Vaccine.news, which is part of Natural News Network, a massive collection of sites known for anti-vaccine content and health misinformation. Natural News Network did not respond to a request for comment. But the headline misrepresents a document put out by the CDC about a real episode in the 1950s and ’60s, when some polio vaccines were contaminated with SV40, which came from monkey kidney cells used to make the shots at the time. The article cites a fact sheet on the incident that was dated from 2007, and was removed from the CDC’s website in 2013, according to archives of the page on the Wayback Machine. The document says more than 98 million people in the U.S. were vaccinated against polio between 1955 to 1963, and SV40 had contaminated 10-30% of those immunizations. “SV40 virus has been found in certain types of cancer in humans, but it has not been determined that SV40 causes these cancers,” reads the old fact sheet. The CDC confirmed in a statement to the AP that the claim spreading online about the polio vaccine is false. A new page on the agency’s website that discusses the incident says that there had been concern about SV40’s effects on humans because it had been found to cause cancer in laboratory animals. “However, most studies looking at the relationship between SV40 and cancers are reassuring, finding no causal association between receipt of SV40-contaminated polio vaccine and development of cancer,” the page now reads. The page says “most” because a series of studies published starting in 1994 did link SV40 to cancer in humans. But Dr. Paul Offit, an expert in virology and immunology who is the director of the Children’s Hospital of Philadelphia Vaccine Education Center, said those findings could not be replicated by others. The “enormous amount of epidemiological evidence” shows that people who received polio vaccines containing SV40 do not have an increased risk of cancer, Offit told the AP. “In short, SV40 virus, which was a contaminant in those early vaccines, and could cause cancer in experimental animals, did not cause cancer in people,” he said.

    — Associated Press writer Melissa Goldin in New York contributed this report.

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    Find AP Fact Checks here: https://apnews.com/APFactCheck

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    Follow @APFactCheck on Twitter: https://twitter.com/APFactCheck

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  • FDA advisors recommend Pfizer’s RSV vaccine for infants but raise safety concerns

    FDA advisors recommend Pfizer’s RSV vaccine for infants but raise safety concerns

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    Respiratory syncytial virus viral vaccine under research.

    Hailshadow | Istock | Getty Images

    The U.S. Food and Drug Administration’s independent panel of advisors Thursday recommended full approval of Pfizer’s vaccine that protects infants from respiratory syncytial virus, but raised safety concerns over premature births that may be tied to the shot. 

    The committee unanimously said the vaccine efficacy data was sufficient. Ten of the advisors said the safety data on Pfizer’s shot was adequate, while four said it was not.

    “If the vaccine actually lives up to the data we’ve seen today, I can guarantee many infants and their parents will breathe easier in the coming years,” said Dr. Jay Portnoy, medical director at the Children’s Mercy Hospital in Kansas City, after voting in favor of the safety and efficacy of the shot.

    Dr. Paul Offit, a vaccine expert at the Children’s Hospital of Philadelphia, said he doesn’t believe there is enough data that indicates the safety of the vaccine is “reassuring.” 

    “If you’re in any sense risking premature births with this vaccine, I think there’ll be a big price to pay,” said Offit, who voted against the shot’s safety data. 

    Adam Berger, the director of clinical and healthcare research policy at the National Institutes of Health, voted in favor of the shot’s safety and efficacy, but said Pfizer’s post-marketing studies need to examine the risk of premature births.

    Post-marketing refers to studies conducted on a product after it receives FDA approval.

    The FDA typically follows the advice of its advisory committees but is not required to do so. The agency is slated to make a final decision on the shot in August, right before RSV season in the fall. 

    If approved, Pfizer’s jab would become the world’s first vaccine that protects infants against RSV, a goal scientists have been working toward for decades.

    The FDA earlier this month approved the first RSV shot for adults ages 60 and older from GlaxoSmithKline. The agency is expected to make a decision within weeks on Pfizer’s other RSV shot for that same age group.

    RSV is a common respiratory infection that causes cold-like symptoms. Older adults and younger children are particularly vulnerable to more severe RSV infections. 

    Each year, the virus kills 6,000 to 10,000 seniors and a few hundred children younger than 5, according to the Centers for Disease Control and Prevention. About one out of every 100 children younger than 6 months of age with an RSV infection may need to be hospitalized, the CDC said.

    Pfizer’s shot for infants is administered to expectant mothers in the late second or third trimester of their pregnancy. The single-dose vaccine triggers antibodies that are passed to the fetus, which provides it with protection against RSV from birth through the first six months of life.

    Weighing safety and efficacy data

    A phase three trial found Pfizer’s shot was nearly 82% effective at preventing severe disease from RSV in newborns during the first 90 days of life. The shot was also about 70% effective during the first six months of the baby’s life.

    But the advisory panel’s concerns stemmed from safety data in that trial. 

    A slightly higher number of premature births occurred among mothers who took the shot compared to those who received a placebo: 5.7% versus 4.7%, respectively. 

    Both Pfizer and the FDA said the difference does not appear to be statistically significant. 

    Most infants, even when born prematurely, were also delivered after 34 weeks of pregnancy, just a few weeks shy of their due dates.

    But Dr. Hana El Sahly, who chairs the FDA advisory committee, said “even if it is late preterm delivery, the fact that we’re putting them into preterm delivery while we’re sitting here debating the matter intellectually is not trivial.”

    Premature deliveries aren’t a new issue when it comes to RSV vaccines for infants.

    Pfizer’s rival GSK halted its own trial on its RSV shot for newborns after noticing concerning data on preterm births and neonatal deaths, or when a baby dies during the first 28 days of life.

    Offit also said GSK’s trial is “hanging over” Pfizer’s own RSV shot for infants. 

    “If GSK truly abandons a program on a similar, almost identical vaccine, that is going to hang over [Pfizer’s] program,” he said during the meeting. “I think it does need to be addressed.”

    Portnoy added preterm deliveries could potentially dampen the benefits of the shot. 

    “The problem is if the child is born earlier, that also reduces the efficacy of the treatment because earlier birth means less antibodies are transferred,” he said. “So, this is a very complex thing because now the harm actually makes the benefit less so. There’s an interaction between the two.” 

    But some panel members cast doubt on whether there’s a clear causal relationship between the vaccine and preterm births. 

    “Am I concerned about the preterm birth imbalance? Yes. Am I convinced that it’s real? No,” said Dr. Daniel Feikin, a scientific advisor and respiratory diseases consultant, who voted in favor of the shot’s safety. 

    Representatives from Pfizer also pushed back on the safety concerns, emphasizing the benefits of the shot outweigh the risks.

    “Certainly, in our eyes, there is no definitive evidence to suggest there is a risk of prematurity,” said Dr. William Gruber, Pfizer’s senior vice president of vaccine clinical research and development. “So the question is, do you hold hostage the potential benefits of the vaccine for something which you have no statistical significance at this point?”

    Some of the participants’ children also had low birth weights and experienced developmental delays, the FDA staff review said.

    Most of the more than 3,000 mothers who received the shot in the trial experienced mild to moderate adverse reactions, according to the FDA staff’s review of data.

    The most common reactions were fatigue, muscle pain, headache and pain at the injection site. Most reactions resolved within three to four days after vaccination, the staff review noted.

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  • 8 value stocks that look like bargains for long-term investors

    8 value stocks that look like bargains for long-term investors

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    When is it a good time to buy stocks? Some investors would say the current negativity dominating the financial media means you are better off sitting on the sidelines. Others would say it is always a good time to buy stocks, provided you can get them for good prices.

    Count John Buckingham, editor of the Prudent Speculator, in the latter camp. He is a value investor with decades of experience. During an interview, he emphasized the importance of remaining disciplined through all market conditions. While he favors the value…

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  • Pfizer signs agreement with China on improving health coverage in the country

    Pfizer signs agreement with China on improving health coverage in the country

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    Pfizer CEO Albert Bourla speaks during the China Development Forum in Beijing on March 25, 2023.

    Lintao Zhang | Getty Images News | Getty Images

    BEIJING — U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country’s health coverage, according to the company.

    “We are aligned very much with the China ‘Healthy 2030’ [initiative] and we are trying to contribute as much as we can,” Pfizer CEO Albert Bourla told CNBC’s Eunice Yoon on Saturday.

    He declined to share further details, including dollar amounts.

    China in 2016 announced a “Healthy China 2030” plan for improving the country’s public health services, medical industry and food and drug safety. The Covid-19 pandemic also highlighted shortfalls in China’s still-developing public health system.

    Pfizer’s memorandum of understanding with the Health China Research Center is set to support public health research and improve the health of rural populations, according to details released by Chinese state media.

    “Any individuals and citizens from China would have the same access to our innovative product,” Pfizer China President Jean-Christophe Pointeau said in the report.

    He said the company has around 600 staff dedicated to rural areas “to educate the health care professionals on our breakthrough innovation Oncology, Anti-infectives and Inflammation & Immunology.”

    The weekend comments did not discuss the Paxlovid drug for treating Covid.

    In January, Bourla said Pfizer had signed an agreement with a local partner to manufacture Paxlovid in China, which production could begin in as soon as three or four months.

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  • Pfizer buys Seagen for $43B, boosts access to cancer drugs

    Pfizer buys Seagen for $43B, boosts access to cancer drugs

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    Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.

    The pharmaceutical giant said Monday it will pay $229 in cash for each share of Seagen Inc. Pfizer then plans to let the biotech drug developer “continue innovating,” except with more resources than it would have alone, Pfizer Chairman and CEO Albert Bourla told analysts.

    “We are not buying the golden eggs,” he said. “We are acquiring the goose that is laying the golden eggs.”

    Bothell, Washington-based Seagen Inc. specializes in working with antibody-drug conjugate, or ADC, technology. Its key products use lab-made proteins called monoclonal antibodies that seek out cancer cells to help deliver a cancer-killing drug while sparing surrounding tissue.

    Cancer treatments are a priority for Pfizer. They brought in $12 billion in revenue for the drugmaker last year. But Pfizer has only marketed a couple first-generation ADC treatments, a spokeswoman said.

    Seagen has four treatments on the market. It also has a pipeline of drugs under development that includes potential treatments for a form of lung cancer and advanced breast cancer.

    “We think this really changes dramatically the oncology presence of Pfizer, makes it one of a kind,” Bourla said.

    Seagen’s top seller, Adcetris, treats lymph system cancers. It brought in $839 million in sales last year, a 19% increase over the previous year.

    Seagen also has a deal with Pfizer’s Array BioPharma to develop, make and sell the breast and colorectal cancer treatment Tukysa. It brought in $353 million in sales for Seagen last year.

    The company, which changed its name from Seattle Genetics in 2020, saw total revenue grow about 25% last year to nearly $2 billion. Seagen also shaved its loss to $610 million from $674 million in 2021.

    The drug developer predicts about $2.2 billion in sales for this year.

    Pfizer booked about $100 billion in total revenue last year and has been flush with cash thanks to sales of its COVID-19 vaccine and treatment, Comirnaty and Paxlovid.

    Bourla said earlier this year that the company planned to use its “extraordinary firepower” to buy products that will deliver $25 billion in incremental revenue by 2030.

    The deal announced Monday and some previous acquisitions will help Pfizer account for most of that. But Bourla emphasized on Monday that the company expects Seagen’s contributions to extend beyond the end of the decade.

    New York-based Pfizer Inc. has already spent $11.6 billion on migraine treatment developer Biohaven Pharmaceutical. It also spent $5.4 billion on sickle cell disease treatment maker Global Blood Therapeutics and bought Arena Pharmaceuticals for another $6.7 billion.

    The drugmaker needs more revenue sources in part because it faces the expiration of patents protecting drugs like its breast cancer treatment Ibrance from cheaper competition in the coming years.

    Pfizer said Monday it will pay for Seagen mostly through $31 billion in new, long-term debt.

    Both companies’ boards have unanimously approved the deal. But regulators still need to look at it, and Seagen shareholders will have to approve it.

    The companies expect to complete the transaction in late 2023 or early 2024.

    Shares of Pfizer rose 2% to $40.26 after markets opened Monday, while Seagen’s stock soared more than 15% to nearly $200. Broader indexes edged up slightly.

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  • FDA advisers narrowly vote in favor of Pfizer’s RSV vaccine for older adults, despite possible safety concerns | CNN

    FDA advisers narrowly vote in favor of Pfizer’s RSV vaccine for older adults, despite possible safety concerns | CNN

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    CNN
     — 

    Vaccine advisers to the US Food and Drug Administration narrowly voted Tuesday in favor of Pfizer’s RSV vaccine for adults over the age of 60, paving the way for approval of the first nation’s RSV vaccine, despite some safety concerns.

    The committee members voted 7-4, with one abstention, that there is adequate data to support the safety and effectiveness of Pfizer’s vaccine for the prevention of lower respiratory tract disease caused by respiratory syncytial virus among older adults.

    The FDA, which typically follows the independent committee’s recommendations, is scheduled to decide on approval of the vaccines by May, ahead of RSV’s typical winter surge. The US Centers for Disease Control and Prevention must then recommend the shot before it becomes available to the public.

    Pending those steps, Pfizer’s vaccine – along with GSK’s candidate shot, which will be voted on by the FDA advisory committee on Wednesday – would be the first approved RSV vaccines for adults 60 or older.

    RSV is a highly contagious virus that causes flu-like illness in people of all ages that increases in severity with age. It’s is responsible for an estimated 177,000 hospitalizations and 14,000 deaths per year among adults 65 or older, according to the CDC.

    The Pfizer vaccine was 66.7% effective at preventing moderated lower respiratory tract illness with two or more symptoms and 85.7% effective at preventing illness with three or more symptoms, according to an FDA briefing document.

    Although a majority of the committee voted in favor of the vaccine, some members expressed concerns about the vaccine’s “important potential risk: of Guillain-Barre syndrome. Two adults among the 20,000 vaccine recipients in Pfizer’s Phase 3 clinical trial developed symptoms consistent with the rare neurological disorder within nine days of receiving the shot.

    “It seems to me that one case is a red flag. Two cases is very concerning, and it’s concerning to me that Pfizer doesn’t think that there are any safety concerns,” said Dr. Marie Griffin, professor of health policy at Vanderbilt University Medical Center, who voted that the data demonstrated the vaccine was effective but not safe.

    The FDA has recommended that Pfizer conduct a safety study for further evaluation of Guillain-Barre and other immune-mediated demyelinating conditions after potential vaccine approval, and the company has agreed.

    Dr. Daniel Feikin, respiratory disease consultant, who voted that the vaccine was both safe and effective, said that post-marketing safety surveillance will be “critical.”

    Some of the vaccine advisers wanted to see more data on effectiveness against hospitalization or death, especially among high-risk people such as older adults or those with other health conditions.

    “I think the data does support the effectiveness of this vaccine. It’s just the population was underrepresented by people who could most benefit from the vaccine,” Griffin said.

    The available safety and efficacy data from Pfizer’s clinical trial is from the first of two RSV seasons. Some of the experts said that the vote is premature and that they would like to see more data.

    “I’m desperately eager to have a vaccine that works for RSV. This has been a terrible disease my whole career. I would love to see it. No doubt about it,” said Dr. Jay Portnoy, professor of pediatrics at the University of Missouri-Kansas City, who voted that the data demonstrated that the vaccine was safe but not effective.

    Portnoy says that waiting for a second season of data would provide more robust numbers and complete analysis.

    “It’s not an emergency use authorization. We can take the time to finish the studies and get the information we need before licensing this product going forward. So I remain a little bit skeptical, given the data that we have.”

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  • The end of the Covid health emergency won’t slow FDA clearance of shots and treatments

    The end of the Covid health emergency won’t slow FDA clearance of shots and treatments

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    Vials and a medical syringe seen displayed in front of the Food and Drug Administration (FDA) of the United States logo. FDA finds the COVID-19 vaccine.

    Pavlo Gonchar | LightRocket | Getty Images

    The Food and Drug Administration on Tuesday said its emergency authorizations of Covid vaccines, tests and treatments will not be impacted by the end of the public health emergency this spring.

    President Joe Biden is planning to terminate in May the public health and national emergencies declared in response to the Covid pandemic three years ago, the White House said Monday. The public health emergency gave U.S. health regulators expanded powers to respond faster to the pandemic.

    The FDA’s emergency powers, however, aren’t directly tied to public health declaration, according to the agency.

    Former Health Secretary Alex Azar made separate determinations in February and March of 2020 under the Food, Drug and Cosmetics Act that the circumstances of the pandemic justified the authorization of vaccines, treatments and tests for emergency use.

    The FDA used its emergency powers to authorize the Pfizer, Moderna, Johnson & Johnson and Novavax vaccines. The agency also authorized the oral antivirals Paxlovid and molnupiravir, several antibody treatments as well as numerous tests and other medical devices on an emergency basis.

    “Existing emergency use authorizations (EUAs) for products will remain in effect and the agency may continue to issue new EUAs going forward when criteria for issuance are met,” The FDA wrote in post on Twitter Monday.

    Emergency authorizations allow the FDA to roll out medical products before they receive the agency’s full approval. This allows the agency to respond more swiftly to public health crises.

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  • Biden to end U.S. COVID emergencies on May 11, but more than 500 people are still dying every day

    Biden to end U.S. COVID emergencies on May 11, but more than 500 people are still dying every day

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    President Joe Biden will end the twin national emergencies for addressing COVID-19 on May 11, as most of the world gets closer to normalcy nearly three years after the emergencies were first declared, the Associated Press reported. 

    The move would formally overturn the federal response to the virus and change it to one where COVID is treated as an endemic threat to public health, much like the flu, which returns seasonally but can be managed without major disruption to the healthcare system.

    The…

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  • Cramer’s week ahead: Fed decision on Wednesday could let the bulls ‘party on’

    Cramer’s week ahead: Fed decision on Wednesday could let the bulls ‘party on’

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    CNBC’s Jim Cramer on Friday said that Wall Street’s recent gains could continue next week depending on the Federal Reserve’s actions.

    “A decision not to raise rates at all might show too much weakness. A quarter-point with a statement that they’ll remain vigilant will allow the bulls to party on,” he said.

    The central bank is set to conclude its first meeting of the year on Wednesday, which Wall Street largely expected to beget a quarter-percentage point interest rate hike. 

    Cramer said he’ll also have his eye on the January nonfarm payrolls report set to be released Friday. “If wage inflation’s very strong, the quarter-point move will be criticized. If it’s weaker, we’ll be hearing all about that hard landing,” he said.

    All estimates for earnings, revenue and economic data are courtesy of FactSet.

    Monday: Whirlpool

    • Q4 2022 earnings release at 4:05 p.m. ET; conference call on Tuesday at 8 a.m. ET
    • Projected EPS: $3.23
    • Projected revenue: $5.08 billion

    He predicted that the company will report abating supply chain headwinds and a more frugal consumer on its conference call.

    Tuesday: Caterpillar, Pfizer, Advanced Micro Devices

    Caterpillar

    • Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8:30 a.m. ET
    • Projected EPS: $4.02
    • Projected revenue; $15.82 billion

    He said the company will likely report a solid quarter.

    Pfizer

    • Q4 2022 earnings release at 6:45 a.m. ET; conference call at 10 a.m. ET
    • Projected EPS: $1.05
    • Projected revenue: $24.44 billion

    There’s more to the company than unsustainable earnings from its Covid vaccine, despite what Wall Street believes, Cramer said.

    Advanced Micro Devices

    • Q4 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
    • Projected EPS: 67 cents
    • Projected revenue: $5.51 billion

    “AMD’s got a great portfolio now, and they keep taking market share,” he said.

    Wednesday: Meta Platforms

    • Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    • Projected EPS: $2.26
    • Projected revenue: $31.54 billion

    “All I know is the stock’s had a real run, and while we own it for the Charitable Trust, we’re not pounding the table on this one. Not here,” Cramer said.

    Thursday: Ford Motor, Apple, Amazon, Alphabet

    Ford

    • Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    • Projected EPS: 62 cents
    • Projected revenue: $41.39 billion

    He said he isn’t worried that price cuts from Tesla will affect demand for Ford’s electric vehicles.

    Apple

    • Q1 21023 earnings release at 4:30 p.m. ET; conference call at 5 p.m. ET
    • Projected EPS: $1.94
    • Projected revenue: $121.81 billion

    Investors should hold onto their shares of the iPhone maker, according to Cramer.

    Amazon

    • Q4 2022 earnings release at 4:01 p.m. ET; conference call at 5:30 p.m. ET
    • Projected EPS: 17 cents
    • Projected revenue: $145.64 billion

    Amazon stock will soar if the company lays off 100,000 employees, he predicted.

    Alphabet

    • Q4 2022 earnings release at 4 p.m. ET; conference call at 4:30 p.m. ET
    • Projected EPS: $1.18
    • Projected revenue: $76.17 billion

    Cramer said that Alphabet also needs to downsize its workforce.

    Friday: Regeneron Pharmaceuticals

    • Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8:30 a.m. ET
    • Projected EPS: $10.1
    • Projected revenue: $3.14 billion

    He said he likes the stock.

    Disclaimer; Cramer’s Charitable Trust owns shares of Apple, Amazon, Advanced Micro Devices, Caterpillar, Ford and Meta.

    Cramer's game plan for the trading week of Jan. 30

    Jim Cramer’s Guide to Investing

    Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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  • FDA panel backs plan for annual COVID-19 booster, as new omicron subvariant continues to dominate in new cases

    FDA panel backs plan for annual COVID-19 booster, as new omicron subvariant continues to dominate in new cases

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    A Food and Drug Administration advisory panel voted unanimously Thursday for Americans to get a once-a-year booster against COVID-19, with the strain to be decided midyear for a fall campaign, the Associated Press reported. 

    “This is a consequential meeting to determine if we’ve reached the point in the pandemic that allows for simplifying the use of current COVID-19 vaccines,” said the FDA’s Dr. David Kaslow.

    The panel agreed that people should get the same vaccine formula whether they’re receiving their initial vaccinations or a booster. Today, Americans get one formula based on the original coronavirus strain that emerged in 2020 for their first two or three doses, and their latest booster is a combination shot made by Pfizer
    PFE,
    -0.33%

    or Moderna
    MRNA,
    -0.90%

    that adds protection against omicron.

    The FDA would have to decide how to phase in that change.

    COVID-19 vaccines have saved millions of lives, and booster doses remain the best protection against severe disease and death. But Americans are tired of getting vaccinated. While more than 80% of the U.S. population has had at least one COVID-19 shot, only 16% of those eligible for the latest boosters — so-called bivalent doses updated to better match more recent virus strains — have gotten one.

    Separately, the Centers for Disease Control and Prevention offered an update Friday on the strains that are dominant in the U.S., showing that XBB.1.5, the omicron sublineage that first emerged in small numbers in October, has extended its lead over other variants.

    XBB.1.5 accounted for 61.3% of cases in the week through Jan. 28, the data shows, up from 49.1% a week ago. The prior dominant variants, BQ.1.1 and BQ.1, together accounted for 31.1% of new cases.

    In the CDC’s Region 2, which includes New York, New Jersey, the U.S. Virgin Islands and Puerto Rico, XBB.1.5 accounted for 91.1% of new cases, up from 86.8% the previous week.

    The World Health Organization said this week that it now has data on XBB.1.5 from 54 countries, showing it has a growth advantage over other circulating strains but still appears no more severe.

    In its weekly epidemiological update, the agency said it has raised the confidence level of its risk assessment for XBB.1.5 to “moderate” from “low,” using these additional reports. The highest number of XBB.1.5 cases are showing up in the U.S., the U.K., Canada, Denmark, Germany, Ireland and Austria.

    The news comes as the seven-day average of new cases stood at 46,300 on Thursday, according to a New York Times tracker. That’s down 24% from two weeks ago. The daily average for hospitalizations was down 24%, at 34,833. The average number of deaths was 549, down 3% from two weeks ago. 

    Cases are currently climbing in eight states — Illinois, Tennessee, Minnesota, Alaska, South Dakota, Vermont, Kentucky and Kansas — as well as in the U.S. Virgin Islands and Washington, D.C.

    Coronavirus update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • China’s claim that COVID cases and deaths have peaked and are falling fast is failing to take on board that testing is not keeping up with infections, the Guardian reported. China ended its zero-COVID policy in December and promptly saw a wave of cases spread across the nation. Its health authorities said this week that the worst is behind it, but experts are wary that it is underreporting numbers, as it has since the start of the pandemic. Now the pullback in testing is a factor, according to the Guardian. Daily tests had dropped to 280,000 by Monday, down from 150 million on Dec. 9, and 7.54 million on Jan. 1. Some provinces had enacted systems for collecting the results of residents or allowing residents to self-report, but the figures were “affected by the willingness of residents to test.”

    What’s seen as the world’s largest annual human migration is under way again in China for the Lunar New Year, after the country lifted pandemic restrictions. WSJ’s Yoko Kubota reports on how it’s expected to boost the economy–and the risk of new Covid-19 outbreaks. Photo: Cfoto/Zuma Press

    • South Korea says it will continue to restrict the entry of short-term travelers from China through the end of February over concerns that the spread of COVID may worsen following the Lunar New Year holidays, the AP reported. South Korea in early January stopped issuing most short-term visas at its consulates in China, citing concerns about the virus surge in the country.

    • Spain is set to end the mandatory use of face masks on public transport nearly three years after the start of the pandemic, the AP reported separately. Spanish Health Minister Carolina Darias said Thursday she would recommend that the government remove the health regulation when the cabinet meets on Feb. 7. Face masks will remain obligatory inside hospitals, health clinics, dentist offices and pharmacies.

    Here’s what the numbers say:

    The global tally of confirmed COVID-19 cases topped 669.9 million Wednesday, while the death toll rose above 6.82 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 102.3 million cases and 1,107,559 fatalities.

    The CDC’s tracker shows that 229.6 million people living in the U.S., equal to 69.2% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 51.4 million Americans, equal to 15.5% of the overall population, have had the updated COVID booster that targets both the original virus and the omicron variants.

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  • FDA vaccine advisers vote to harmonize Covid-19 vaccines in the United States | CNN

    FDA vaccine advisers vote to harmonize Covid-19 vaccines in the United States | CNN

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    CNN
     — 

    A panel of independent experts that advises the US Food and Drug Administration on its vaccine decisions voted unanimously Thursday to update all Covid-19 vaccines so they contain the same ingredients as the two-strain shots that are now used as booster doses.

    The vote means young children and others who haven’t been vaccinated may soon be eligible to receive two-strain vaccines that more closely match the circulating viruses as their primary series.

    The FDA must sign off on the committee’s recommendation, which it is likely to do, before it goes into effect.

    Currently, the US offers two types of Covid-19 vaccines. The first shots people get – also called the primary series – contain a single set of instructions that teach the immune system to fight off the original version of the virus, which emerged in 2019.

    This index strain is no longer circulating. It was overrun months ago by an ever-evolving parade of new variants.

    Last year, in consultation with its advisers, the FDA decided that it was time to update the vaccines. These two-strain, or bivalent, shots contain two sets of instructions; one set reminds the immune system about the original version of the coronavirus, and the second set teaches the immune system to recognize and fight off Omicron’s BA.4 and BA.5 subvariants, which emerged in the US last year.

    People who have had their primary series – nearly 70% of all Americans – were advised to get the new two-strain booster late last year in an effort to upgrade their protection against the latest variants.

    The advisory committee heard testimony and data suggesting that the complexity of having two types of Covid-19 vaccines and schedules for different age groups may be one of the reasons for low vaccine uptake in the US.

    Currently, only about two-thirds of Americans have had the full primary series of shots. Only 15% of the population has gotten an updated bivalent booster.

    Data presented to the committee shows that Covid-19 hospitalizations have been rising for children under the age of 2 over the past year, as Omicron and its many subvariants have circulated. Only 5% of this age group, which is eligible for Covid-19 vaccination at 6 months of age, has been fully vaccinated. Ninety percent of children under the age of 4 are still unvaccinated.

    “The most concerning data point that I saw this whole day was that extremely low vaccination coverage in 6 months to 2 years of age and also 2 years to 4 years of age,” said Dr. Amanda Cohn, director of the US Centers for Disease Control and Prevention’s Division of Birth Defects and Infant Disorders. “We have to do much, much better.”

    Cohn says that having a single vaccine against Covid-19 in the US for both primary and booster doses would go a long way toward making the process less complicated and would help get more children vaccinated.

    Others feel that convenience is important but also stressed that data supported the switch.

    “This isn’t only a convenience thing, to increase the number of people who are vaccinated, which I agree with my colleagues is extremely important for all the evidence that was related, but I also think moving towards the strains that are circulating is very important, so I would also say the science supports this move,” said Dr. Hayley Gans, a pediatric infectious disease specialist at Stanford University.

    Many others on the committee were similarly satisfied after seeing new data on the vaccine effectiveness of the bivalent boosters, which are cutting the risk of getting sick, being hospitalized or dying from a Covid-19 infection.

    “I’m totally convinced that the bivalent vaccine is beneficial as a primary series and as a booster series. Furthermore, the updated vaccine safety data are really encouraging so far,” said Dr. David Kim, director of the the US Department of Health and Human Services’ National Vaccine Program, in public discussion after the vote.

    Thursday’s vote is part of a larger plan by the FDA to simplify and improve the way Covid-19 vaccines are given in the US.

    The agency has proposed a plan to convene its vaccine advisers – called the Vaccines and Related Biological Products Advisory Committee, or VRBPAC – each year in May or June to assess whether the instructions in the Covid-19 vaccines should be changed to more closely match circulating strains of the virus.

    The time frame was chosen to give manufacturers about three months to redesign their shots and get new doses to pharmacies in time for fall.

    “The object, of course – before anyone says anything – is not to chase variants. None of us think that’s realistic,” said Jerry Weir, director of the Division of Viral Products in the FDA’s Office of Vaccines Research and Review.

    “But I think our experience so far, with the bivalent vaccines that we have, does indicate that we can continue to make improvements to the vaccine, and that would be the goal of these meetings,” Weir said.

    In discussions after the vote, committee members were supportive of this plan but pointed out many of the things we still don’t understand about Covid-19 and vaccination that are likely to complicate the task of updating the vaccines.

    For example, we now seem to have Covid-19 surges in the summer as well as the winter, noted Dr. Michael Nelson, an allergist and immunologist at the University of Virginia. Are the surges related? And if so, is fall the best time to being a vaccination campaign?

    The CDC’s Dr. Jefferson Jones said that with only three years of experience with the virus, it’s really too early to understand its seasonality.

    Other important questions related to the durability of the mRNA vaccines and whether other platforms might offer longer protection.

    “We can’t keep doing what we’re doing,” said Dr. Bruce Gellin, chief of global public health strategy at the Rockefeller Foundation. “It’s been articulated in every one of these meetings despite how good these vaccines are. We need better vaccines.”

    The committee also encouraged both government and industry scientists to provide a fuller picture of how vaccination and infection affect immunity.

    One of the main ways researchers measure the effectiveness of the vaccines is by looking at how much they increase front-line defenders called neutralizing antibodies.

    Neutralizing antibodies are like firefighters that rush to the scene of an infection to contain it and put it out. They’re great in a crisis, but they tend to diminish in numbers over time if they’re not needed. Other components of the immune system like B-cells and T-cells hang on to the memory of a virus and stand ready to respond if the body encounters it again.

    Scientists don’t understand much about how well Covid-19 vaccination boosts these responses and how long that protection lasts.

    Another puzzle will be how to pick the strains that are in the vaccines.

    The process of selecting strains for influenza vaccines is a global effort that relies on surveillance data from other countries. This works because influenza strains tend to become dominant and sweep around the world. But Covid-19 strains haven’t worked in quite the same way. Some that have driven large waves in other countries have barely made it into the US variant mix.

    “Going forward, it is still challenging. Variants don’t sweep across the world quite as uniform, like they seem to with influenza,” the FDA’s Weir said. “But our primary responsibility is what’s best for the US market, and that’s where our focus will be.”

    Eventually, the FDA hopes that Americans would be able to get an updated Covid-19 shot once a year, the same way they do for the flu. People who are unlikely to have an adequate response to a single dose of the vaccine – such as the elderly or those with a weakened immune system – may need more doses, as would people who are getting Covid-19 vaccines for the first time.

    At Thursday’s meeting, the advisory committee also heard more about a safety signal flagged by a government surveillance system called the Vaccine Safety Datalink.

    The CDC and the FDA reported January 13 that this system, which relies on health records from a network of large hospital systems in the US, had detected a potential safety issue with Pfizer’s bivalent boosters.

    In this database, people 65 and older who got a Pfizer bivalent booster were slightly more likely to have a stroke caused by a blood clot within three weeks of their vaccination than people who had gotten a bivalent booster but were 22 to 42 days after their shot.

    After a thorough review of other vaccine safety data in the US and in other countries that use Pfizer bivalent boosters, the agencies concluded that the stroke risk was probably a statistical fluke and said no changes to vaccination schedules were recommended.

    At Thursday’s meeting, Dr. Nicola Klein, a senior research scientist with Kaiser Permanente of Northern California, explained how they found the signal.

    The researchers compared people who’d gotten a vaccine within the past three weeks against people who were 22 to 42 days away from their shots because this helps eliminate bias in the data.

    When they looked to see how many people had strokes around the time of their vaccination, they found an imbalance in the data.

    Of 550,000 people over 65 who’d received a Pfizer bivalent booster, 130 had a stroke caused by a blood clot within three weeks of vaccination, compared with 92 people in the group farther out from their shots.

    The researchers spotted the signal the week of November 27, and it continued for about seven weeks. The signal has diminished over time, falling from an almost two-fold risk in November to a 47% risk in early January, Klein said. In the past few days, it hasn’t been showing up at all.

    Klein said they didn’t see the signal in any of the other age groups or with the group that got Moderna boosters. They also didn’t see a difference when they compared Pfizer-boosted seniors with those who were eligible for a bivalent booster but hadn’t gotten one.

    Further analyses have suggested that the signal might be happening not because people who are within three weeks of a Pfizer booster are having more strokes, but because people who are within 22 to 42 days of their Pfizer boosters are actually having fewer strokes.

    Overall, Klein said, they were seeing fewer strokes than expected in this population over that period of time, suggesting a statistical fluke.

    Another interesting thing that popped out of this data, however, was a possible association between strokes and high-dose flu vaccination. Seniors who got both shots on the same day and were within three weeks of those shots had twice the rate of stroke compared with those who were 22 to 42 days away from their shots.

    What’s more, Klein said, the researchers didn’t see the same association between stroke and time since vaccination in people who didn’t get their flu vaccine on the same day.

    The total number of strokes in the population of people who got flu shots and Covid-19 boosters on the same day is small, however, which makes the association a shaky one.

    “I don’t think that the evidence are sufficient to conclude that there’s an association there,” said Dr. Tom Shimabukuro, director of the CDC’s Immunization Safety Office.

    Nonetheless, Richard Forshee, deputy director of the FDA’s Office of Biostatistics and Pharmacovigilance, said the FDA is planning to look at these safety questions further using data collected by Medicare.

    The FDA confirmed that the agency is taking a closer look.

    “The purpose of the study is 1) to evaluate the preliminary ischemic stroke signal reported by CDC using an independent data set and more robust epidemiological methods; and 2) to evaluate whether there is an elevated risk of ischemic stroke with the COVID-19 bivalent vaccine if it is given on the same day as a high-dose or adjuvanted seasonal influenza vaccine,” a spokesperson said in a statement.

    The FDA did not give a time frame for when these studies might have results.

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  • WHO calls on China to release more information on its COVID case surge to learn more about which variants are circulating

    WHO calls on China to release more information on its COVID case surge to learn more about which variants are circulating

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    The World Health Organization has called on China to release more information about its current wave of COVID infections after China said nearly 60,000 people have succumbed to the virus since early December, the Associated Press reported. 

    The announcement of fatality numbers on Saturday came after weeks of complaints that China was not keeping experts abreast of what was happening.

    The announcement “allows for a better understanding of the epidemiological situation,” said a WHO statement. Director-general, Tedros Adhanom Ghebreyesus talked by phone with Health Minister Ma Xiaowei, it said.

    “WHO requested that this type of detailed information continued to be shared with us and the public,” the agency said.

    The National Health Commission said only deaths in hospitals were counted, which means anyone who died at home is not part of the tally. It gave no indication of when or whether it might release updated numbers. China has seen a wave of cases ever since the government ended stringent restrictions on movement in December.

    The WHO is now analyzing the data, which covers early December to Jan. 12. So far, the epidemiology is similar to what has been seen in other countries, “a rapid and intense wave of disease caused by known sub-variants of omicron with higher clinical impact on older people and those with underlying conditions,” said the statement.

     The agency is hoping to get more information on the exact variants that are circulating. China has reported that two omicron sublineages, dubbed BA.5.2 and BF.7 are spreading but the WHO needs more sequences to be shared with open databases to get fully up to date.

    See also: China reports first population drop in decades as birthrates plunge

    Tens of thousands of people resumed travels in and out of China on Sunday as the country lifted almost all of its border restrictions, ending three years of strict pandemic controls. Some travelers expressed relief to be reunited with their families. Photo: Tyrone Siu/Reuters

    In the U.S., the seven-day average of new U.S. COVID cases stood at 59,121 on Monday, according to a New York Times tracker. That’s flat from two weeks ago and below the recent peak of 70,508 on Christmas Eve.

    See also: Americans are facing years of ‘tripledemic’ winters that may put patients with other ailments at risk, Jha says

    The daily average for hospitalizations was down 8% at 45,052. The average for deaths stood at 562, up 78% from two weeks ago to continue the recent trend.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • The U.S. Centers for Disease Control and Prevention said its real-time surveillance system has met the statistical criteria to prompt additional investigation into whether there is a risk of ischemic stroke in people ages 65 and older who received the Pfizer/BioNTech
    PFE,
    -3.70%

    BNTX,
    -1.28%

    bivalent COVID vaccine. “Rapid-response investigation of the signal in the VSD (vaccine safety datalink) raised a question of whether people 65 and older who have received the Pfizer-BioNTech COVID-19 Vaccine, Bivalent were more likely to have an ischemic stroke in the 21 days following vaccination compared with days 22-42 following vaccination,” the agency said in a statement. No such signal has been identified with the Moderna
    MRNA,
    -0.68%

    bivalent vaccine, it added.

    • Italian tennis player Camila Giorgi has denied allegations that she obtained a false COVID-19 vaccine certificate to allow her to travel, the AP reported. A doctor is under investigation in Italy for supplying false certificates and fake vaccines and Giorgi’s name was revealed in a long list of people implicated by an Italian newspaper. Giorgi is currently competing in the Australian Open.

    Getting the flu can increase the risk of getting a second infection, including strep throat. WSJ’S Daniela Hernandez explains the science behind that, plus what it means for the rest of the winter and how we can protect ourselves from the tripledemic. Illustration: David Fang

    • The New York State Department of Health is “exploring its options” after a state Supreme Court judge struck down a statewide mandate requiring healthcare workers to be vaccinated against COVID-19, the AP reported separately. Judge Gerard Neri wrote in a ruling released Friday that Democratic Gov. Kathy Hochul and the health department overstepped their authority by mandating a vaccine that’s not included in state public health law, the Syracuse Post-Standard reported. The mandate is “null, void, and of no effect,” the judge said. He sided with Medical Professionals for Informed Consent, a group of medical workers impacted by the vaccination mandate.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 667.3 million on Tuesday, while the death toll rose above 6.7 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 101.7 million cases and 1,099,885 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 229.4 million people living in the U.S., equal to 69.1% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 49.6 million Americans, equal to 15.9% of the overall population, have had the updated COVID booster that targets both the original virus and the omicron variants.

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  • New COVID subvariant is now dominant across the U.S., accounting for 43% of all new cases in latest week, CDC says

    New COVID subvariant is now dominant across the U.S., accounting for 43% of all new cases in latest week, CDC says

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    The XBB.1.5 omicron subvariant that has been dominant in the Northeast for several weeks is now officially dominant across the U.S., according to an update from the Centers for Disease Control and Prevention early Friday.

    XBB.1.5 accounted for 43% of all COVID cases in the week through Jan. 14, pulling ahead of BQ.1.1, which accounted for 28.8% of new cases, and BQ.1, which accounted for 15.9%, the data showed.

    Last week, BQ.1.1 was still dominant nationwide, accounting for 33.5% of new cases versus XBB.1.5’s 30.4%.

    In the New York region, which includes New Jersey, the U.S. Virgin Islands and Puerto Rico, XBB.1.5 now accounts for 82.7% of new cases, up from 72.7% a week ago.

    On Thursday, the World Health Organization acknowledged that XBB.1.5, which was first detected in tiny numbers in the U.S. in October, has become the most transmissible variant yet thanks to a growth advantage, and said that it appears to have a greater ability to evade immunity than earlier variants.

    However, the immune-escape data is based on preliminary lab-based studies and not on research in humans. And with the only data to review coming from the U.S., the agency said there’s no information yet on clinical severity.

    XBB.1.5 is similar to its immediate predecessor XBB.1 but has an additional mutation to its spike protein that may be behind its growth advantage. For now, it does not appear to have any mutation that might lead to more severe disease or death, WHO officials have said. The agency is monitoring it along with five other omicron variants.

    On Friday, the WHO updated guidelines on face masks, treatments and patient care in the age of COVID, a reminder that the pandemic is not yet over, even if people are mostly behaving as if it is. Given current global trends, the agency is recommending that people wear face masks when in public settings that are enclosed or poorly ventilated. People who have been exposed to the virus should also wear masks.

    “Similar to previous recommendations, WHO advises that there are other instances when a mask may be suggested, based on a risk assessment,” the agency said in a statement. “Factors to consider include the local epidemiological trends or rising hospitalization levels, levels of vaccination coverage and immunity in the community, and the setting people find themselves in.”

    The WHO reduced its recommended isolation period for COVID patients and said they can end isolation early if they test negative on a rapid test. Patients with symptoms should isolate for 10 days from the start of symptom onset, but the agency has dropped its advice for an additional three days.

    For asymptomatic patients who test positive, the WHO now recommends five days of isolation, compared with 10 days previously.

    The WHO extended a strong recommendation for the use of Pfizer’s
    PFE,
    +0.29%

    antiviral Paxlovid for patients with mild to moderate symptoms who are at risk of hospitalization.

    The data comes as the seven-day average of new U.S. cases stood at 60,610 on Thursday, according to a New York Times tracker. That’s up 4% from two weeks ago and below the recent peak of 70,508 on Christmas Eve. The daily average for hospitalizations was up 10% to 45,842. The average for deaths was 564, up 61% from two weeks ago. 

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • The peak of China’s COVID-19 wave is expected to last two to three months and to soon extend over the country’s vast rural areas, where medical resources are relatively scarce, Reuters reported Friday, citing a Chinese epidemiologist. Infections are expected to surge in those areas as hundreds of millions of people travel to their hometowns for the Lunar New Year holiday, which starts Jan. 21. “Our priority focus has been on the large cities. It is time to focus on rural areas,” said Zeng Guang, the former chief epidemiologist at the Chinese Centers for Disease Control and Prevention, according to a report published in local media outlet Caixin on Thursday.

    • Private services offering Chinese travelers access to mRNA vaccines are attracting droves of mainlanders to Hong Kong and Macau, the Guardian reported on Friday, as people seek a booster shot that their government has refused to approve. The government only allowed its citizens to get homegrown vaccines developed by Sinopac and Sinopharm
    8156,
    +6.45%

    throughout the pandemic, but many people are now seeking the greater protection offered by the mRNA vaccines developed by Moderna
    MRNA,
    +2.10%

    and by Pfizer and German partner BioNTech
    BNTX,
    -2.92%
    .

    Tens of thousands of people have resumed travels in and out of China after the country lifted almost all of its border restrictions, ending three years of strict pandemic controls. Photo: Tyrone Siu/Reuters

    • Kansas Gov. Laura Kelly plans to return to work at the Statehouse Friday after learning that a COVID-19 test earlier in the week gave her a false positive result, her office said, the Associated Press reported. Kelly has been working in self-isolation at the governor’s residence since the false positive Tuesday. Her office announced that she had tested positive for COVID-19, and she postponed the annual State of the State address from Wednesday to Jan. 24.

    See also: Sick house: Florida man gets 8 ½ years for using COVID relief to buy lavish 12-acre estate, fleet of luxury cars

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 666.3 million on Friday, while the death toll rose above 6.7 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 101.6 million cases and 1,099,629 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 229.4 million people living in the U.S., equal to 69.1% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 49.6 million Americans, equal to 15.9% of the overall population, have had the updated COVID booster that targets both the original virus and the omicron variants.

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  • Chinese hospital says half of its staff got Covid

    Chinese hospital says half of its staff got Covid

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    Locals line up for medical treatment at the Beijing Hospital of Traditional Chinese Medicine on June 1, 2022.

    CFOTO | Future Publishing | Getty Images

    BEIJING — About half of the nearly 2,000 workers at the Beijing Hospital of Traditional Chinese Medicine got Covid-19 during the latest wave, director Liu Qingquan said Wednesday.

    Liu told reporters the workers all recovered by taking traditional Chinese medicine. He said out of the 1,000 staff infected, only one, who already had high blood pressure, developed pneumonia.

    China has encouraged the use of traditional Chinese medicine alongside Western treatment for Covid. Rather than pharmaceutical drugs, traditional Chinese medicine relies on herb-based remedies and natural methods to help the body heal itself.

    The omicron variant swept China in December as authorities abruptly ended most Covid controls. Local businesses reported the majority of their staff fell sick within a week, before recovering. Tens of thousands of people rushed to fever clinics in a single day in the city of Beijing alone, local authorities said.

    Due to the surge in patients, doctors and nurses couldn’t return home for several days, Liu said. He said the health workers sometimes had to work while they themselves were sick and taking medication.

    In the last two weeks, officials in Beijing city and other Chinese urban centers have said they’ve passed the worst of the Covid outbreak.

    While the situation has eased, “from the perspective of the hospital, our pressure is still very great,” Wang Guiqiang, director of the infectious diseases department at Peking University First Hospital, said Wednesday. That’s according to a CNBC translation of his Mandarin-language remarks.

    The hospital turned additional wards into areas for intensive care, and trained doctors to become ICU nurses, Wang said.

    Pfizer’s Covid-19 drug

    In the wake of China’s latest Covid wave, locals also rushed to stock up on medicine, resulting in shortages and long lines outside pharmacies last month.

    Pfizer‘s Paxlovid drug for treating Covid remains in short supply domestically, Wang said. But he said the drug will soon be produced in China by a local company.

    Pfizer has signed an agreement with a local partner to manufacture Paxlovid in China, CEO Albert Bourla said Monday at the JPMorgan Health Care Conference, according to a transcript. He said local production could begin in as soon as three or four months.

    Read more about China from CNBC Pro

    Paxlovid will only be covered by China’s basic national health insurance until March 31, China’s Healthcare Security Administration said Sunday. The drug failed to make an annual list of insurance-covered medicines because Pfizer asked for too high a price, the administration said.

    CEO Bourla said what China wanted to pay was “lower than the lowest of the middle” price bracket — a range that’s 60% to 70% below what high-income countries pay.

    “We didn’t agree,” Bourla said. “They are the second highest economy in the world. And I don’t think that they should pay less than [El] Salvador.”

    If negotiations don’t change the situation by April, Bourla said, “we will continue with the private market in China, which is significant.”

    Demand for Paxlovid from China has exploded from a few thousands to the millions, he said, without elaborating.

    Merck and Chinese companies are also selling Covid drugs to the local market.

    Focus on treatment

    Since mandatory testing for Covid ended in early December, official numbers on the local outbreak have dropped off sharply.

    When asked about Covid deaths, Wang said calculating excess deaths was the best way, such as comparing figures to December 2021.

    It’s not clear how soon those numbers would be available. China has said only a handful of deaths meet its criteria for being tied to Covid. Anecdotes indicate overall deaths in the country have increased since December.

    “At this time I don’t think it’s necessary to look into every single case. The priority should be treating patients,” said Liang Wannian, executive vice-dean of the Vanke School of Public Health at Tsinghua University. That’s according to a CNBC translation of his Mandarin-language remarks Wednesday.

    Liang said the country would watch for new Covid variants and report them in a timely fashion. He did not go into much detail on the procedures for doing so.

    A change in the hospitalization or death rate associated with Covid would be the earliest indication of a new variant, Dr. Chris Murray, director of the Institute for Health Metrics and Evaluation, said in late December. He said the likelihood of a new Covid variant emerging in China is low.

    The World Health Organization said this week that China is providing more information on the Covid-19 outbreak, but the country is still heavily underreporting deaths, according to Reuters.

    On Wednesday, Liang said that especially in rural areas, the most difficult phase of China’s Covid wave has passed.

    But he said according to China’s latest Covid policy, local authorities facing a large outbreak could still move classes online and limit large gatherings.

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  • China takes first steps to punish countries that imposed testing mandates for Chinese travelers

    China takes first steps to punish countries that imposed testing mandates for Chinese travelers

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    China on Tuesday suspended visas for South Koreans to enter the country for tourism or business in apparent retaliation for South Korea’s COVID-19 testing requirements for Chinese travelers, the Associated Press reported.

    No other details were given, although China has threatened to retaliate against countries that require travelers from China to show a negative result for a test taken within the previous 48 hours.

    That has not stopped about a dozen countries from following the U.S. in requiring Chinese travelers produce a test after China lifted most of its strict COVID-related restrictions for the first time since the start of the pandemic. The end of those restrictions has resulted in a surge of new cases.

    The World Health Organization and several nations have accused China of withholding data on its outbreak. The testing requirements are aimed at identifying potential virus variants carried by travelers.

    Separately on Tuesday, the head of the WHO for Europe said the surge of cases in China is not likely to have a big impact on Europe, although he cautioned against complacency.

    Hans Kluge told reporters it was “not unreasonable for countries to take precautionary measures to protect their populations” but called for such measures “to be rooted in science, to be proportionate and nondiscriminatory,” as AFP reported.

    Tens of thousands of people resumed travels in and out of China after the country lifted almost all of its border restrictions, ending three years of strict pandemic controls. Photo: Tyrone Siu/Reuters

    In the U.S., the seven-day average of new cases stood at 67,012 on Monday, according to a New York Times tracker. That’s up 2% from two weeks ago and below the recent peak of 70,508 on Christmas Eve.

    The daily average for hospitalizations was up 18% to 47,503. The average for deaths was 467, up 10% from two weeks ago. 

    Cases are currently rising in 21 states, along with Guam, Washington, D.C., and the U.S. Virgin Islands. They are led by Florida, where cases are up 90% from two weeks ago. On a per-capita basis, New York, New Jersey and Rhode Island are seeing the highest rates. New York has 37 cases per 100,000 people, New Jersey 35 and Rhode Island 31.

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • Thailand sent three cabinet ministers to welcome Chinese tourists with flowers and gifts as they arrived Monday at Bangkok’s Suvarnabhumi Airport after China relaxed travel restrictions, the AP reported. The high-profile event reflected the importance Thailand places on wooing Chinese travelers to help restore its pandemic-battered tourism industry. Before COVID, Chinese visitors accounted for about one-third of all arrivals.

    • Moderna Inc.
    MRNA,
    +3.10%

    is considering pricing its COVID vaccine at $110 to $130 per dose, the Wall Street Journal reported. That’s the same price range as mooted by Pfizer Inc.
    PFE,
    -1.59%

    and German partner BioNTech SE
    BNTX,
    +3.30%

    once their vaccine moves to the commercial market. For now, vaccines are being purchased and distributed by the U.S. government.

    Getting the flu can increase the risk of getting a second infection, such as strep throat. The Wall Street Journal’s Daniela Hernandez explains the science behind that, plus what it means for the rest of the winter and how we can protect ourselves from the tripledemic. Illustration: David Fang

    • India has detected the presence of all the COVID omicron subvariants in the community after testing more than 300 samples since late December, the health ministry said in a statement, Reuters reported. “No mortality or rise in transmission were reported in the areas where these variants were detected,” the ministry said.

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