BioNTech CEO Dr. Ugur Sahin joins 'Power Lunch' to discuss the Covid-19 vaccine it is working on with Pfizer, the high efficiency rate and the storage of the vaccine. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Pfizer and BioNTech announced Monday their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection, hailing the development as “a great day for science and humanity.”

“I think we can see light at the end of the tunnel,” Pfizer Chairman and CEO Dr. Albert Bourla told CNBC’s Meg Tirrell on “Squawk Box.” “I believe this is likely the most significant medical advance in the last 100 years, if you count the impact this will have in public health, global economy.”

The announcement comes as drugmakers and research centers scrambled to deliver a safe and effective vaccine to help bring an end to the coronavirus pandemic that has claimed over 1.2 million lives worldwide.

Scientists are hoping for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.

U.S. stock futures skyrocketed as investors cheered the news. Futures on the Dow Jones Industrial Average surged 1,646 points, implying an opening gain of more than 1,630 points. By late morning, the Dow was up more than 1,000 points, a rise of 3.7%.

Airline and cruise company stocks jumped in premarket trading — with some stocks rising by 20% and 30%. Both industries have been significantly affected by the global health crisis as travel restrictions and a resurgence in outbreaks continue to hurt demand.

Pfizer’s results were based on the first interim efficacy analysis conducted by an external and independent Data Monitoring Committee from the phase three clinical study. The independent group of experts oversees U.S. clinical trials to ensure the safety of participants.

The analysis evaluated 94 confirmed Covid-19 infections among the trial’s 43,538 participants. Pfizer and the U.S. pharmaceutical giant’s German biotech partner said the case split between vaccinated individuals and those who received a placebo indicated a vaccine efficacy rate of above 90% at seven days after the second dose.

It means that protection from Covid-19 is achieved 28 days after the initial vaccination, which consists of a two-dose schedule. The final vaccine efficacy percentage may vary, however, as safety and additional data continue to be collected.

Dr. Scott Gottlieb, a former FDA commissioner and a member of Pfizer’s board, told CNBC the vaccine could be available in limited use as early as late December and widely available by the third quarter of 2021.

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