Free Trial

Tornado damage to Pfizer plant unlikely to cause major drug supply shortages, FDA says

→ Dividend-like income from non-dividend stocks (From Unstoppable Prosperity) (Ad)

Debris is scattered around the Pfizer facility on Wednesday, July 19, 2023, in Rocky Mount, N.C., after damage from severe weather. (Travis Long/The News & Observer via AP)

RALEIGH, N.C. (AP) — Most of the destruction from a tornado that tore through eastern North Carolina Wednesday and struck a large Pfizer pharmaceutical plant affected its storage facility, rather than its medicine production areas, the company said Friday.

The drugmaker’s ability to salvage production equipment and other essential materials could mitigate what experts feared would be a major blow to an already strained system as the United States grapples with existing drug shortages.

“We do not expect there to be any immediate significant impacts on supply given the products are currently at hospitals and in the distribution system,” U.S. Food and Drug Administration Commissioner Robert Califf said Friday.

An EF3 tornado touched down Wednesday near Rocky Mount, ripping the roof off a Pfizer factory responsible for producing nearly 25% of the American pharmaceutical giant's sterile injectable medicines used in U.S. hospitals, according to the drugmaker.

Pfizer said Friday that a warehouse for raw materials, packaging supplies and finished medicines awaiting release had endured most of the damage to its 1.4 million square foot plant. An initial inspection by the company found no major damage to its medicine manufacturing areas, and all 3,200 local employees are safe and accounted for.

Pfizer Chairman and CEO Dr. Albert Bourla said staff are rushing products to nearby sites for storage and identifying sources to rapidly replace raw materials lost in the storm. The drug company says it is also exploring alternative manufacturing locations across its U.S. network to fill gaps in production while the North Carolina site remains closed for repairs.

The FDA’s initial analysis identified fewer than 10 drugs for which Pfizer’s North Carolina plant is the sole source for the U.S. market, Califf said.

The Rocky Mount plant produces anesthesia and many other drugs needed for surgeries but does not make or store Pfizer’s COVID-19 vaccine or the Comirnaty and Paxlovid treatments. Medications produced at that facility alone account for nearly 8% of all sterile injectables used in U.S. hospitals, Pfizer said on its website.

The FDA said it will complete in the coming days a more extensive evaluation of the products that might be affected and the current domestic supply of those medications. “Many weeks’ worth” of the destroyed drugs should be available in Pfizer’s other warehouses, Califf said.

___

Hannah Schoenbaum is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

→ Write this ticker symbol down… (From StocksToTrade) (Ad)

Should you invest $1,000 in Pfizer right now?

Before you consider Pfizer, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pfizer wasn't on the list.

While Pfizer currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Beginners Guide To Retirement Stocks Cover

Click the link below and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.

Get This Free Report

Featured Articles and Offers

Search Headlines: