Health Canada approved Pfizer Inc's (NYSE:PFE) oral antiviral treatment for mild to moderate cases of COVID-19 in adults.
- The approval covers adults with mild to moderate COVID-19 who are at high risk of progressing to hospitalization or death.
- The active ingredient nirmatrelvir in Paxlovid works by stopping the virus from replicating.
- Related: Pfizer's Paxlovid Scores FDA Approval, First Oral Antiviral For COVID-19 In US.
- The drug is intended for after diagnosis of COVID-19 and within five days of the start of symptoms.
- The treatment consists of two tablets of nirmatrelvir and one of ritonavir taken together twice per day for five days.
- Ottawa said last month it had signed a deal with Pfizer for a million treatment courses, pending approval.
- But a global shortage means only a fraction will arrive soon, Reuters reported.
- Canada has received 30,400 courses, and officials said it would take delivery of another 120,000 by the end of March.
- "We're among the first countries to have approved the medication but also to have received the medication ... competition is high, and we are doing a good job," Federal Health Minister Jean-Yves Duclos told a separate briefing.
- The U.S. also authorized Merck & Co Inc's (NYSE:MRK) treatment for people ages 18 and older with mild-to-moderate COVID-19.
- Price Action: Pfizer shares are down 1.29% at $54.24 during the premarket session on the last check Tuesday.
