Johnson & Johnson (NYSE:JNJ) applied for an emergency use authorization from the Food and Drug Administration for its coronavirus vaccine after releasing data last week showing it was about 66% effective in protecting against the virus.
If J&J’s application is approved, it would be the third COVID-19 vaccine authorized for emergency use in the U.S. behind those developed by Pfizer-BioNTech (NYSE:PFE) (NASDAQ:BNTX) and Moderna (NASDAQ:MRNA). Pfizer’s vaccine was authorized by the FDA on Dec. 11, and Moderna’s was authorized a week later.
"Today’s submission for Emergency Use Authorization of our investigational single-shot COVID-19 vaccine is a pivotal step toward reducing the burden of disease for people globally and putting an end to the pandemic," said J&J’s chief scientific officer, Dr. Paul Stoffels.
The FDA has scheduled a meeting of its Vaccines and Related Biological Products Advisory Committee on Feb. 26 to discuss the emergency use authorization.
Unlike Pfizer’s and Moderna’s vaccines, which require two doses given about three to four weeks apart, J&J’s medication only requires one dose, easing logistics for health-care providers.
U.S. officials and Wall Street analysts are eagerly anticipating the authorization of J&J’s vaccine, which could happen as early as this month. President Joe Biden is trying to pick up the pace of vaccinations in the U.S. and experts say his administration will need an array of drugs and vaccines to defeat the virus, which has killed more than 450,000 Americans over the last year, according to data compiled by Johns Hopkins University.
JNJ shares catapulted $2.67, or 1.7%, to $164.66.
