Pfizer CEO Albert Bourla was on Squawk Box this morning shortly after the company's bombshell news that its Covid-19 vaccine, developed with BioNTech (pronounced "bion-tech"), is 90% effective. Dow futures had been up about 400 points before Pfizer's news crossed the tape; by the time he came on air, futures were up about 1,400 points, and opened today at a record high.
"I was cautiously optimistic," Bourla said, "[but] I never thought it would be 90%." In fact, he added, the vaccine is more than 90% effective; it sounded like they basically rounded down. Compare that with the flu shot, which is only around 40-60% effective in a given year, and you can see why he and everyone else are so impressed.
Market didn't see this coming
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