Pfizer Inc (NYSE:PFE) has gained approval from the US Food and Drug Administration (FDA) for its respiratory syncytial virus (RSV) vaccine in older adults.
The New York-based company's vaccine, called Abrysvo, will compete with a similar immunization recently authorized for use by rival GSK PLC (LSE:GSK, NYSE:GSK). Moderna Inc., AstraZeneca PLC (LSE:AZN), and Sanofi are also developing their own RSV treatments, signaling a crowded landscape in the future.
Pfizer and its Big Pharma peers are salivating at a market estimated to be worth $10 billion within a decade.
While GSK beat Pfizer in obtaining FDA approval, Pfizer had previously received support from the FDA's advisory committee in March. Concerns were raised about the vaccine's safety and effectiveness due to limited data and reports of a rare nerve condition called Guillain-Barré syndrome in vaccinated individuals.
Pfizer is also seeking FDA approval for an RSV vaccine targeting pregnant mothers to protect newborns.
The company's European-listed stock rose by 0.5% following the FDA clearance announcement, while its New York-listed shares were trading flat around midday Wednesday.
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