Thread by @bopinion

In a 44,000-person clinical trial, Pfizer’s vaccine candidate prevented over 90% of Covid-19 cases so far.

It's fantastic news and a historic scientific accomplishment trib.al/nLOpJys

Of course, there are still unknowns about the vaccine.

With limited supplies available until next year and two shots needed to complete treatment, it won't end a rampant pandemic overnight trib.al/nLOpJys

The news does, however, substantially boost the chances of a quicker and easier resolution.

📈 Investors are justified in taking Pfizer shares and the broader market higher trib.al/Y9ra6VU

Futures on the S&P 500 Index soared to an all-time high and the benchmark 10-year Treasury yield jumped to as high as 0.93%.

In other words, the “return to normal” trade is in full swing trib.al/FCsYnvj

Data collection will continue since the FDA requires two months of follow-up before considering an emergency use authorization.

Absent surprising side effects, quick authorization is more than likely. After all, the agency's bar for efficacy is just 50% trib.al/Y9ra6VU

Questions about the vaccine remain:

➡️ Does it work for the elderly?
➡️ Does it prevent severe disease?
➡️ Will it stop the ability to transmit the virus?
➡️ How long does its protection last?
➡️ What do the results mean for other vaccine candidates? trib.al/Y9ra6VU

Things are looking good for Moderna, whose vaccine candidate uses the same mRNA technology as Pfizer's.

Others in development aim at the same target — the coronavirus's signature “spike protein” trib.al/Y9ra6VU

With efficacy established, the big problem is availability.

Pfizer and BioNTech expect to produce 50 million doses worldwide by the end of the year, enough for 25 million to get the required two shots trib.al/Y9ra6VU

Manufacturing will present a challenge:

mRNA has never been used to produce a commercial vaccine for humans. A very rare substance called vaccinia capping enzyme (VCE) is a crucial ingredient trib.al/R9ip7gt

Just over 10 pounds of VCE is enough to produce a hundred million doses of a vaccine.

The catch? Making 10 pounds costs about $1.4 billion trib.al/R9ip7gt

Once the vaccine is ready, distributing it will take another historic effort.

Vaccines made with mRNA technology must be stored at very cold temperatures, which may be especially difficult in developing countries trib.al/R9ip7gt

Then comes another roadblock: public perception.

A leading immunologist says the biggest challenge isn't creating an effective Covid-19 vaccine. It's convincing people to take it trib.al/YF44aFs

📊💉 In the U.S. and U.K., at least 30% of people say they would hesitate or refuse to take a vaccine that could protect them from the coronavirus and slow its spread trib.al/ZGIlL9n

Countering the anti-vaxxers is important work, but it’s only part of the picture. The bigger danger is vaccine hesitancy.

What if rational people who get their shots and vaccinate their children have worries that governments don’t address? trib.al/i3vrU3r

There are plenty of vaccine skeptics (and advocates) on both sides of the political spectrum, so neither Trump nor Biden can expect their usual allies on this issue trib.al/kIQ1d0M

It's not time for anyone to let up their guard.

Covid-19 cases continue to surge and hospitalizations are also rising. Vaccines are needed in concert with basic control measures, not instead of them trib.al/wNiPbIO

The development of this vaccine is happening at breakneck speed, a triumph of ingenuity and efficiency that has few precedents.

In addition to manufacturing and distribution, its success will hinge on policy trib.al/9OY6sYD