Pfizer says COVID pill cuts hospitalizations and deaths by 89% in high-risk patients

Pfizer Inc. said its COVID-19 pill reduced hospitalizations and deaths in high-risk patients by 89%, a result that has the potential to upend how the disease caused by the coronavirus is treated and alter the course of the pandemic. The shares surged.

The drugmaker said in a statement Friday that it was no longer taking new patients in a clinical trial of the treatment “due to the overwhelming efficacy” and planned to submit the findings to U.S. regulatory authorities for emergency authorization as soon as possible.

The results mean there are now two promising candidates for treating COVID-19 patients early in the course of the disease. Last month, Merck & Co. and partner Ridgeback Biotherapeutics LP submitted their experimental pill to regulators after a study showed it slashed the risk of getting seriously ill or dying by half in patients with mild-to-moderate COVID-19.

“We’ve already secured millions of doses and the therapy would be another tool in our toolbox to protect people” from COVID’S worst effects, President Joe Biden said at the White House. Pfizer shares closed up 10.86%. A pill that could be taken at home at the first sign of symptoms is a crucial tool for taming the COVID-19 crisis globally, so long as it’s widely available. A Pfizer spokesperson said submissions to other regulatory agencies will occur shortly after the U.S. filing.