(Bloomberg) — Makers of Covid-19 vaccines and treatments slumped in Asia after Pfizer Inc. published a positive result from its Covid-19 pill, which it said reduced hospitalizations and deaths in high-risk patients by 89%.
Chinese vaccine maker Cansino Biologics Inc. slumped as much as 20% in Hong Kong while Wuxi Biologics Cayman Inc., which makes ingredients for AstraZeneca Plc.’s vaccine, dropped as much as 9.7%. Chinese biotech firm Kintor Pharmaceutical Ltd, which is testing an oral Covid pill in a Phase 3 trial, fell as much as 17% before paring losses.
If successful, Pfizer’s pill “may create uncertainties for earnings outlook and valuations of Chinese vaccine makers,” said Daniel So, a strategist at CMB International Securities. “The impacts are expected to be of mid-to-long-term.”
In Japan, Shionogi & Co., which has been developing a rival drug to Pfizer’s, fell the most since March 2020. The firm is expecting late-stage trial data on that treatment by December. Takara Bio Inc., which has a contract to produce mRNA vaccines in Japan starting next year, fell the most since June of last year.
Fujifilm Holdings Corp., which is reported to seek U.S. Emergency Use Authorization for its anti-flu drug Avigan as a Covid-19 treatment, dropped 2.5%.
Pfizer is the second firm to announce a pill to treat Covid 19. Last month, Merck & Co. submitted its experimental treatment to regulators, after a study showed it slashed the risk of getting seriously ill or dying by half in certain patients. Vaccine related shares also plunged after that news.
(Updates throughout)
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