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

Pfizer Inc.
PFE,
-1.95%
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%.