Pfizer and BioNTech (BNTX) will provide 1.5 million COVID-19 vaccine doses to the New Zealand government following a deal signed by the parties on Monday. As per a statement issued by the New Zealand government, the agreement is subject to the successful completion of all clinical trials for the vaccine and regulatory approvals in New Zealand.
The delivery of the Pfizer (PFE) and BioNTech COVID-19 vaccine is expected to commence as early as the first quarter of 2021. The official statement by the New Zealand government did not disclose the financial terms of the deal which marks the country’s first vaccine purchase. The deal will provide enough doses for 750,000 people.
Megan Woods, New Zealand’s Research, Science and Innovation Minister stated, “The agreement with Pfizer is complementary to other aspects of the Government’s COVID-19 Vaccine Strategy, such as the global COVAX Facility that could provide up to 50 percent of our population’s needs.”
Woods also said that the country’s COVID-19 Vaccine Strategy Task Force is in negotiations with other pharma companies and further announcements are expected in November.
According to New Zealand’s Health Ministry, there are 1,516 confirmed COVID-19 cases in the country and 25 reported deaths so far.
In September, Pfizer and BioNTech announced a proposed agreement to supply 200 million doses of their investigational BNT162 mRNA-based COVID-19 vaccine candidate to European Union member states, with an option for additional 100 million doses subject to regulatory approval. (See PFE stock analysis on TipRanks)
On Monday, Atlantic Equities analyst Steve Chesney downgraded Pfizer to Hold from Buy and lowered the price target to $39 from $44 as he feels that the company is no longer positioned for “above industry growth” following the failure of Ibrance in early breast cancer indications. The analyst notes that with Pfizer shares advancing about 15% from late-June lows, the upside from its current valuation is more limited.
Meanwhile, the rest of the Street has a Moderate Buy consensus for Pfizer based on 3 Buys, 8 Holds and no Sells. Pfizer stock has declined 6% year-to-date but has an upside potential of about 12% as reflected in the average analyst price target of $41.21.
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