This is exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, global head of corporate communications here at the firm.

It's been a big week in the news across the board, but particularly in the race for a

COVID-19 vaccine.

To get to the latest on that and what's still ahead,

we're joined by Salveen Richter, lead analyst

for the US biotech sector for Goldman Sachs research.

Salveen, welcome to the program.

Jake, thank you for having me.

So, you know, there was huge news earlier this week when Pfizer released encouraging vaccine results.

What are those results tell us and how have markets reacted?

Yes, so on Monday, Pfizer and Biontect released positive data from their phase 3 COVID-19 vaccine study

for their asset known as BNT 162 B2 and they showed us vaccine efficacy of

greater than 90% in terms of preventing COVID-19 in patients without prior

evidence of SARS-Cob2 infection.

This did occur at seven days post the second dose.

The results were based on the first interim analysis

per an evaluation of 94 confirmed cases of COVID-19.

There were no serious safety concerns. On the Ford here, there will be more

interim analyses for the final look at 164 cases.

Given this was the first demonstration

of phase three efficacy for a COVID-19 vaccine,

...