WHEN: Today, Friday, March 11, 2022
WHERE: CNBC’s “Squawk Box”
Following is the unofficial transcript of a CNBC interview with Pfizer Chairman and CEO Albert Bourla on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Friday, March 11th. Following is a link to video on CNBC.com:
All references must be sourced to CNBC.
MEG TIRRELL: Thanks for having me, Joe. That special guest is Albert Bourla, the CEO of Pfizer who joins us of course on the two-year anniversary of the World Health Organization declaring the Coronavirus a pandemic. Albert, good morning. Thanks for being with us. This is a big milestone. To you, what’s the biggest question on your mind right now two years into this pandemic?
ALBERT BOURLA: I think the biggest question of all of us is how to stay ahead of the virus. This has been proven to be a virus that it is very smart, knows how to mutate, knows how to, to create opportunities for his survival and science must win. So we need to stay ahead of it constantly and that is what you plan to do.
TIRRELL: Well one of the ways I think you’ve talked about doing that is continuing to test your vaccine and you’ve mentioned you’re close to filing with the FDA for a fourth dose. Tell us about where the latest on that stands, what the data show.
BOURLA: I think we’re going to submit to FDA significant packets of data about the need for a fourth dose and they need to make their own conclusions of course and then CDC also to see that. Clearly there is a need in the, in an environment of Omicron to boost the immune response. I don’t think that would be a need in Delta. I was thinking always that after the third dose, we will need annual revaccinations. With Omicron, the situation is more challenging so we may need the fourth dose. But that’s something that FDA needs to decide, and the CDC needs to recommend. The same is with every other country. Many countries already started recommending fourth dose and we will see how the authorities here will think about it.
TIRRELL: Did the data that you have suggests a fourth dose may be needed for everybody or perhaps just certain populations, the elderly or more vulnerable?
BOURLA; I think the data will show that the immune protection against Omicron is very good after three doses when it comes against hospitalization or death. Not as good but pretty good also against infections but this is very good the third dose but doesn’t last long. After three, four months, it starts waning. That’s Omicron and clearly the risk after when you have waning immune responses is higher for people that they have high age, if they are older or they have underlying conditions. But the immune responses are waning for all.
TIRRELL: I see. One of the things you’ve also talked about is testing the vaccine and developing new versions of the vaccine to better fight variants. What can you tell us about that both on the near term in terms of Omicron specifically whether that’ll get updated potentially later this year, but then also on a sort of pan variant vaccine, which I believe you’ve talked about as well.
BOURLA: Yes, I think people and what the medical profession needs what have authorities need is a version of the vaccine that first of all, lasts quite a bit. So, we can’t have vaccines every five, six months. We need to be able to move as soon as possible to a situation that an annual revaccination will do the job and so we are working on new versions that will try to provide this annual protection but also we know that the virus mutates so we are working on a new versions that will be able to protect not only against the old viruses, all variants, but also against Omicron. So, we are not making a vaccine that is specific to Omicron, we are making a vaccine that covers Omicron and all the other variants and there are so much trials that are going right now and a lot of them will start reading by the end of the month and then much more next month. So, we will have a lot of of data next month but I am optimistic from the preclinical data that the clinical data will demonstrate that we can achieve the goal which is to cover both the old and the new variants, all variants, known so far.
TIRRELL: Some of the data I think you might also be expecting next month are for kids under five for your vaccine. Can you give us any clarity on that situation? There was that back and forth where the FDA asked Pfizer to file with just two doses. Then it said oh wait, we need to wait for three. What can you tell us about that?
BOURLA: Yes, we started by hoping to bring a two-dose vaccine. And we started that when Omicron was not there. The studies started then and they were quite, doing very well against the Delta variant but then things changed and then we had the Omicron coming. We knew that in adults, you need three doses. The two doses they don’t work well against Omicron and we realized that that will be the case also for kids. However, there was a huge need because of Omicron for kids. You know Omicron has this specificity that although it has more mild symptoms, high transmissibility but milder symptoms in adults, affected way more kids than Delta and the calls from pediatricians and of course from the public, from parents, but but the pediatricians mainly to us and to FDA, it was so high that we discussed the possibility to submit the two days data knowing that it’s not going to be spectacular on the second dose but at least we can start giving the doses to the kids and then the third dose will come to demonstrate how effective the vaccine is. We decided to after a lot of back and forth to wait for the third dose so that we can have a very clear picture because it is equally important also to make sure that the data are believable by the public so we waited to see what the full picture will tell and those are coming, it is weeks away.
ANDREW ROSS SORKIN: Hey Albert, in terms of what comes next, and you think about the, the new vaccines that you’re developing. So far, they’ve worked very well against severe disease, but how do you think that shifts or doesn’t when it comes to infection come next fall and next winter especially the environment as we’re reopened, people aren’t wearing masks and the like, infection becomes an issue unto itself.
BOURLA: I fully agree and don’t underestimate that we need to have vaccines that prevent those infections. Because otherwise more infections you’ll have, more people will have a tendency to go in hospitals eventually, irrelevant if you protect better or not.
SORKIN: But do you think that the vaccines that are in development are going to work against infection as opposed to simply against severe disease because one of the things that frankly sort of undermine confidence I think in the country about vaccination unto itself is the idea that it’s not necessarily preventing infection. Now the truth is, I think that when we were just dealing with Delta, the vaccines did a pretty good job at least initially of helping prevent infection, but when it came to Omicron, it didn’t.
BOURLA: No, first of all, you’re right. Against Delta, the vaccine was very, very effective against infections. And not only initially, it lasted six months the second dose and the third likely would last a year. So I don’t think that we had an issue with that. Omicron is what created the issues and Omicron protects, the vaccine protects very well against hospitalization and but not as good as against infections. What we’re trying to do it is to have a vaccine that also prevents against infections, against Omicron and against the other variants. Clearly, it’s very, very important that you prevent against hospitalizations and deaths. That makes a huge difference with public health and to human pain. But it’s way better if you can prevent against infections as well and we keep the bar very high. We want to achieve also that.
TIRRELL: Well Albert, just thinking about where we stand now two years into this. You know, one of the things you wrote about in your book, “Moonshot,” is the preparation that had to go into, you know, being ready to have the science to be able to do that incredible nine-month race to getting this vaccine and then of course, you guys also develop this anti-viral. As we are here now two weeks in having a two years in having gone through this major Omicron surge, Congress now just sidelined new Coronavirus funding for the Biden administration’s, you know, new plan for COVID. Are you concerned that we are not setting ourselves up to be prepared for what comes next? Have we moved on from this, have policymakers moved on from this too quickly?
BOURLA: Yes, I am concerned. I’m concerned and the reasons why I’m concerned it is because right now, the only vehicle that Americans can access vaccines or the pills basically because they are under emergency use authorization, it is only for purchases from the government. There are no other channels. It’s not allowed to go and sell it right now through let’s say the normal channels or the medicine finding their way to the patients. So, if the government doesn’t have money, nobody can get the vaccine. So, it’s a concern and I hope that pretty soon common sense will prevail, and they will release the funds.
TIRRELL: Alright Albert Bourla, thanks so much for being with us on this big day. And we really appreciate it.
BOURLA: Thank you.
