AstraZeneca Takes One Step Forward, Two Shots Back
In the wee hours of Tuesday morning, when nothing good ever happens, a panel that oversees US clinical trial safety said AstraZeneca's vaccine results may include "outdated and potentially misleading" data.
The statement arrived hours after the drugmaker announced its two-shot vaccine was 79% effective in US trials.
What's the hangup? AstraZeneca's data cut off after Feb. 17, and the panel says it's seen more recent data that the vaccine is closer to 69%–74% effective. One of its members compared AstraZeneca's announcement to telling your mother that you aced a class when you only got an A on the first quiz.
It's unclear if the warning will delay AstraZeneca's plans to file for authorization in the coming weeks. If authorized, it would add another 50 million doses to US vaccination efforts in the first month...
If officials want them. The Biden administration says current supplies can vaccinate all adults before June. AstraZeneca's vaccine is less effective than Pfizer's and Moderna's vaccines and (pending further data) potentially also Johnson & Johnson's one-shot option.
Add this to the growing list
While AstraZeneca's vaccine has been authorized in 70+ countries, the rollout has faced Galaxy Note 7-level challenges. The vaccine’s creators talked a big game even before starting trials, and when those kicked off...
They were temporarily suspended after two subjects developed rare neurological symptoms. No connection to the vaccine was found.
A mistake resulted in some patients receiving half-doses. That trial posted better results, which researchers failed to clearly explain.
Early results also lacked comprehensive data on efficacy for adults 65+.
There were also production issues. Europe, which made AstraZeneca’s offering a pillar of its vaccination strategy, got a third of what it was promised. Over a dozen countries paused AstraZeneca shots after three dozen recipients developed blood clots (but EU regulators said it's safe last week). And South Africa is selling its doses after a trial showed AstraZeneca's shots are less effective against the new dominant strain there.
Big picture: Vaccine hesitancy, in the US and abroad, started out higher than public health officials wanted. Every delay and setback threatens to diminish public confidence further.
ALEX HICKEY
#FINANCE
Wall Street Explores a New Concept: Taking It Easy
On Monday, newly minted Citigroup CEO Jane Fraser sent a memo to her 210,000 employees with a simple message: Chill out a bit, OK?
More specifically, Fraser outlined measures intended to cure remote workplace malaise, aka that drowning sensation after your fifth video call in a day.
Fridays will be "Zoom-free." Staffers are banned from scheduling internal video meetings on weekend eve.
May 28 (the Friday before Memorial Day) will be a company-wide holiday called "Citi Reset Day."
Fraser also sketched out a more flexible approach to work after the pandemic recedes. Most Citi employees will be allowed to work from home up to two days per week, though some roles will have to be 100% in-person.
Zoom out: Lots of businesses have announced plans to stick with hybrid or WFH arrangements post-Covid...but not many banks have done so; these moves make Citi the first big bank to embrace office flexibility. Fraser's memo also came after Goldman Sachs CEO and WFH critic David Solomon said his company is taking steps to address the mental health of junior bankers following a viral survey that revealed a severe work-life imbalance.
ELIZA CARTER
Q&A: Is Bitcoin Gold? Is Gold Bitcoin? AHHHHH
Every Wednesday, we answer a reader-submitted question about business and the economy. Want clarification on something you read in the Brew? Click here and ask.
Ryan from San Diego's question: Morning Brew just wrote that Fed Chair Jerome Powell said bitcoin is "not really useful as a store of value." So what is a store of value?
The Brew's A: Thanks for the question, Ryan. Let's start with this thought experiment: When you buy a house, are you expecting it to increase in value over time? What about an original Monet? A fine wine?
Those assets are considered "stores of value," meaning they preserve their value over time and can be exchanged or retrieved in the future. Cars, which tend to depreciate in value with more use, and cheeseburgers, which tend to get eaten in five minutes, do not store value well.
So what about bitcoin? Jury's out. Bitcoin has been compared to gold, which is known as the ultimate example of a store of value because it's scarce and doesn't break down over time. Some think bitcoin could swipe market share from gold as the "safe-haven" asset of choice for investors.
Others, like Jerome Powell, argue bitcoin's volatility—the fact that you can go to sleep with bitcoin at $50k and wake up when it's $65k, or vice versa—means investors will be less likely to employ it as a store of value.
Have another question about business and the economy? Ask here.
NEAL FREYMAN
