There were some exciting, market-moving developments on the vaccine front this week, as Pfizer and its German partner BioNTech became the first drug makers to release successful data from a large-scale COVID-19 vaccine clinical trial. On Monday, Pfizer said its experimental COVID-19 vaccine maybe 90% effective, based on an early read from its trial. The companies said they have so far found no serious safety concerns with the vaccine. While these results are still preliminary, Pfizer appears to be on track to apply for emergency-use approval of its vaccine later this month. Also on Monday, Eli Lilly was granted emergency-use authorization by the Food and Drug Administration (FDA) for use of its antibody therapy in treating Covid-19, making it the second therapeutic (following the approval of remdesivir in October) to be approved by the FDA for emergency-use. Lilly’s antibody treatment has been proven effective for use in mild-to-moderate Covid-19 cases in adult and pediatric patients. Lilly is also studying a cocktail of two antibodies and expects to seek FDA authorization soon and full approval of that therapy in the second quarter of 2021. Then on Wednesday, Moderna said its late-stage COVID-19 vaccine clinical trial has accumulated enough infections to allow for a preliminary analysis of their shot’s effectiveness. Preliminary results from Moderna’s vaccine trial are now imminent and medical experts are optimistic that the treatment will prove to be highly effective because it uses similar mRNA technology to Pfizer’s treatment. US equities rallied on the vaccine news this week, and the S&P 500 index is currently up about 1.7% week-over-week (at the time of this report).