Shares of Pfizer Inc. gained 2.2% in trading on Monday after the pharmaceutical company said it will donate $70 million in medicine to India, which is facing the worst surge in COVID-19 cases worldwide during the pandemic. The drugmaker also reiterated that the COVID-19 vaccine it developed with BioNTech SE has not yet been approved in India, though the application was “submitted months ago.” “We are currently discussing with the Indian government an expedited approval pathway to make our Pfizer-BioNTech vaccine available for use in the country,” Pfizer CEO Albert Bourla wrote in a letter on Monday. As part of the donation to India, Pfizer will provide common treatments for COVID-19, including steroids and anticoagulants, as well as antibiotics for secondary bacterial infections. It will also provide funding for ventilators and oxygen concentrators. Pfizer’s stock is up 7.3% for the year, while the broader S&P 500 has gained 11.3%.
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