BNTX - Early Stage COVID Treatments: Merck's Molnupiravir Struggles

• The treatment window for COVID is very narrow; this limits the value of even effective treatments.
• Molnupiravir effectiveness ~30%; Paxlovid seems more effective in trials, but the real world awaits.
• Molnupiravir is not transforming for Merck, but Paxlovid at worst means a major boost to Pfizer’s 2022 earnings.
• Both Molnupiravir and Paxlovid are expensive, and this will limit their adoption. Starpharma’s Viraleze nasal spray preventative/early treatment is priced for wide adoption.
• Vaccines are still the way to finish the pandemic.

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