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FDA tells J&J it’s working on an emergency authorization for its COVID-19 vaccine

Economy, Finance

Shares of Johnson & Johnson gained 1.3% in after-hours trading on Friday after the Food and Drug Administration said it has contacted the company to say it is “rapidly” working toward issuing an emergency use authorization for J&J’s COVID-19 vaccine candidate. The FDA statement was sent out Friday evening about an hour after an advisory committee voted unanimously that the benefits of the experimental vaccine outweigh the risks. “The agency has also notified our federal partners involved in vaccine allocation and distribution so they can execute their plans for timely vaccine distribution,” FDA officials said in the statement. J&J said earlier this week that it plans to deliver 20 million doses of its single-dose vaccine in the U.S. by the end of March. J&J’s stock is up 10.7% over the past 12 months, while the broader S&P 500 has gained 22.4%.

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