Why Pfizer Stock Rose 10.3% in March

Pharmaceutical company Pfizer (NYSE: PFE) saw its shares rise 10.3% in March according to data from S&P Global Market Intelligence. The stock opened the month at $46.69 and rose to a high of $55.30 on March 21, before closing the month at $51.77. Pfizer's move didn't stem from one announcement, but rather was a steady rise based on several developments.

The biggest news for Pfizer in March was that the Food and Drug Administration (FDA) had expanded the Emergency Use Authorization for Pfizer's COVID-19 vaccine to be used as a second booster shot. The vaccine, known as Comirnaty and developed in collaboration with BioNTech, can be used as a second booster shot for adults 50 and older who had previously received a first booster of any authorized COVID-19 vaccine. The FDA also gave its approval for a second booster dose for individuals 12 and older who are immunocompromised and had received an earlier booster shot.

That's good news for Pfizer because Comirnaty accounted for $36.8 billion in revenue in 2021, approximately 45% of the company's total revenue in the year and more than any other therapy the company produced. An additional booster shot means the company will likely see good revenue numbers from the vaccine for at least a few more quarters.

Source Fool.com