Pfizer to supply 40 million vaccine doses to lower-income countries

Pfizer and BioNTech will supply 40 million doses of the coronavirus vaccine to COVAX, the global effort aimed at ensuring that every country has access to COVID-19 vaccines, the drug makers and World Health Organization announced Friday.

Why it matters: WHO chief Tedros Adhanom Ghebreyesus warned earlier this week that the world is "on the brink of a catastrophic moral failure" due to unequal distribution of coronavirus vaccines.

Details: Pfizer will provide the vaccine through the COVAX program at a "not-for-profit price."

• Financial terms of the agreement have not been released, but the WHO said Friday that "rollout will commence with the successful negotiation and execution of supply agreements."
• Delivery of first doses is expected in the first quarter of 2021.

The big picture: COVAX is led by the WHO, Global Alliance for Vaccines and Immunization and the Coalition for Epidemic Preparedness Innovations.

• 92 low- and middle-income countries and economies are eligible to access COVID-19 vaccines through the COVAX Advance Market Commitment (AMC).

What they're saying: "The urgent and equitable roll-out of vaccines is not just a moral imperative, it is also a strategic and economic imperative," Tedros said in a statement Friday.

• "This agreement with Pfizer and BioNTech will enable COVAX to save lives, stabilize health systems and drive the global economic recovery."

Go deeper: Biden to bring U.S. into COVAX vaccine initiative