Benzinga | Jan 18, 2022 05:44AM EST

Canada Approves Pfizer's At-Home COVID-19 Antiviral Treatment, But Deliveries Delayed

Health Canada approved Pfizer Inc's (NYSE:PFE) oral antiviral treatment for mild to moderate cases of COVID-19 in adults.

* The approval covers adults with mild to moderate COVID-19 who are at high risk of progressing to hospitalization or death.

* The active ingredient nirmatrelvir in Paxlovid works by stopping the virus from replicating.

* Related: Pfizer's Paxlovid Scores FDA Approval, First Oral Antiviral For COVID-19 In US.

* The drug is intended for after diagnosis of COVID-19 and within five days of the start of symptoms.

* The treatment consists of two tablets of nirmatrelvir and one of ritonavir taken together twice per day for five days.

* Ottawa said last month it had signed a deal with Pfizer for a million treatment courses, pending approval.

* But a global shortage means only a fraction will arrive soon, Reuters reported.

* Canada has received 30,400 courses, and officials said it would take delivery of another 120,000 by the end of March.

* "We're among the first countries to have approved the medication but also to have received the medication ... competition is high, and we are doing a good job," Federal Health Minister Jean-Yves Duclos told a separate briefing.

* The U.S. also authorized Merck & Co Inc's (NYSE:MRK) treatment for people ages 18 and older with mild-to-moderate COVID-19.

* Price Action: Pfizer shares are down 1.29% at $54.24 during the premarket session on the last check Tuesday.