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Pfizer, Moderna booster shots are set to receive FDA authorization

Pfizer and Moderna's COVID booster shots for the Omicron BA.5 variant are set to receive FDA approval as the United States agrees to purchase more of the updated vaccines.

Video Transcript

SEANA SMITH: All right, well, I've got two picks today, Moderna and Pfizer. Now those stocks giving up their earlier gains, but the big news here today, the FDA authorizing COVID booster shots that target the Omicron BA.5 variant. Now, this marks the first time that the FDA has authorized an update to the COVID vaccines in 2 and 1/2 years since they first started administering the shots in arms.

Now the CDC still has to approve the boosters. The agency's independent advisory committee is scheduled to meet tomorrow and Friday to review this data. The US Department of Health and Human Services announced earlier this summer that the US has agreed to buy 171 million doses of the updated shots, 66 million from Moderna, $105 million from Pfizer.

And Dave, we talk about COVID. It almost seems like it's getting lost in the news mix now, right? Not simply-- certainly not as much attention being placed on COVID. But the case numbers, they're still high. Right now, they're back below 100,000. But a lot of those tests are being taken from home. So you also have to question how accurate those reporting numbers are now.

DAVE BRIGGS: Yeah, we're kind of at a fork in the road. And when you mention the vaccine, you're talking about only two groups statistics show that are even going near the vaccines now, which is the elderly and those with conditions that are vulnerable to the virus. So I don't know how much impact the FDA authorization will have at this point because we really are at very small numbers.

But to your point, we're going back to school. And in Chicago, we just found news overnight that their cases were triple what they were this time last year. That's triple what they were a year ago, which is stunning experts right now that figured they would be far below what they were a year ago. So we are at a very interesting fork in the road as our kids go back to school and our attention is down. Might those numbers really skyrocket now? It'll be interesting to find out.