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FDA Could Authorize Covid Pills This Week — But Pfizer, Merck Stocks Fall
$Pfizer (PFE.US)$ $Merck & Co (MRK.US)$ The Food and Drug Administration could authorize Covid pills from Pfizer and Merck this week, according to a Tuesday report. But Pfizer stock toppled while Merck shares also fell.
A decision could come as early as Wednesday, people familiar with the matter reportedly told Bloomberg. The authorization of pills called Paxlovid and molnupiravir would be a milestone in the fight against Covid, arriving roughly a year after the first vaccines were authorized.
These pills work differently to prevent the Covid-causing virus from replicating. But the Pfizer drug, Paxlovid, worked slightly better in clinical testing of people infected with Covid.
Still, on the stock market Tuesday, Pfizer stock tumbled 3.4% to close at 58.95. The fall follows bullish news for $Moderna (MRNA.US)$ on Monday. Moderna rivals Pfizer on the vaccine side. Its Covid booster led to a strong increase in virus-blocking antibodies. Merck stock dropped 1.1% to 75.54 Tuesday.
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