Pfizer Stock Hits All-Time High...Surges Amid Delta Variant Spread Concerns

Surpassing the 1999 Record... 4.81% Sharp Rise
Increase Amid Expectations of Long-Term Changes in COVID-19 Vaccine Manufacturing Business

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The stock price of the U.S. pharmaceutical company Pfizer reached an all-time high amid concerns over the spread of the COVID-19 Delta variant. The surge was driven by expectations that booster vaccinations will be actively administered in countries with high vaccination rates such as the United States and Israel, where breakthrough infections have been occurring. The upward trend is expected to continue as prospects for prolonged vaccine manufacturing revenue strengthen.

On the 10th (local time), Pfizer's stock, listed on the New York Stock Exchange (NYSE), closed at $48.19, up 4.81% from the previous session, setting a new all-time high. The previous record high for Pfizer's stock was $47.44, recorded on April 12, 1999. On the same day, due to concerns over the spread of the Delta variant and the anticipated increase in vaccine demand, Pfizer's stock price rose intraday to $48.57, also setting a new intraday high.

Earlier, at the end of last month, Pfizer raised its vaccine sales forecast for this year by 29% from the previous estimate to $33.5 billion (approximately 38.6 trillion KRW). With the spread of the COVID-19 Delta variant, Israel has begun administering third doses in earnest, and discussions on third doses have also intensified in the U.S. government, leading to expectations that vaccine revenue will be prolonged, which in turn boosted the stock price.

Jeff Jonas, an asset manager at Gabeli Fund, said in an interview with MarketWatch, "I believe Pfizer is finally being recognized for its vaccine," adding, "Investors had previously considered the vaccine as a one-time capital input, but unfortunately, it is now becoming a long-term business."