Pfizer Stock (NYSE:PFE)
Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) allegedly committed to providing COVID-19 vaccines this year. The European Union (EU) is now debating the potential of decreasing the COVID-19 vaccine shipments they must produce in return for a price increase.
The European Union (EU) has committed to purchasing up to 500 million doses of the COVID-19 vaccine this year. The purpose of these negotiations is to seek a possible extension of the contract deadline to the second half of 2024.
The regional bloc reached an agreement in May 2021 to purchase 900 million doses of the COVID vaccine from Pfizer/BioNTech, with the option to purchase an additional 900 million doses before the end of the year.
The talks are continuing, and the conclusion is uncertain, according to a Reuters story citing a person with knowledge of the situation. In response to a question asking for comment, a representative for the European Commission asked manufacturers of vaccines to collaborate with EU member states and the Commission “to ensure that the agreements reflect the changing circumstances.”
Pfizer stock chose not to respond, and a corporate representative said that the pharmaceutical giant has continued to signal its commitment to addressing the concerns of EU members.
A spokesperson for BioNTech stated that the German company “continues to work with the European Commission and governments to find pragmatic solutions while respecting the fundamental principles agreed upon between the parties in concluding the agreement.” In the meantime, this statement was made.
Pfizer stock has been downgraded by several Wall Street corporations in recent weeks in response to the announcement, which comes at a time when there has been a decrease in the demand for COVID-19 vaccine and a worldwide supply glut.
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