Sanofi CEO Says COVID-19 Vaccine Development Process Accelerated, Not Side-Stepped
Sanofi SA (NASDAQ: SNY) CEO Paul Hudson said Thursday that the drugmaker is following the standard process of vaccine development with its COVID-19 candidate.
What Happened: “We haven’t changed anything in the way we do things, we’ve just accelerated,” Hudson told CNBC’s Jim Cramer, adding that Sanofi has been making vaccines for over 100 years.
The Paris-based company's CEO added that the company knows what it is doing, and "moving at speed."
Hudson expects a Sanofi COVID-19 vaccine to be available sometime next year — should it prove to be safe and effective in ongoing human studies.
Why It Matters: Hudson’s comments come at a time when there is worry about political forces casting a shadow on the regulatory process concerning the vaccines.
“We feel pressure to get it right and maintain the standards," he told CNBC.
Nine drugmakers, including Sanofi, AstraZeneca plc (NYSE: AZN), Pfizer Inc (NYSE: PFE), and Moderna Inc (NASDAQ: MRNA) pledged this month to commit to the safety and well-being of vaccinated individuals despite mounting political pressure.
Pfizer and Moderna's vaccines are said to be lead candidates for a U.S. emergency approval ahead of the November presidential election.
Novavax, Inc (NASDAQ: NVAX) is the latest drugmaker to announce large-scale human testing of its COVID-19 Vaccine.
Price Action: Sanofi shares closed 0.36% higher at $50.79 on Thursday and gained almost 0.5% in the after-hours session.
Photo by Sanofi Pasteur on Flickr
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