We believe that this will significantly boost local production of vaccines in South Africa and further strengthen the local industry, which is already an outperformer in the region. As a company, Pfizer will benefit from this deal and we note that in the company's Q221 financial results, Pfizer has increased its sales forecast for Covid-19 vaccines to USD33.5bn in 2021, up from the previous forecast of USD26bn. We also note that Biovac has an existing partnership with Pfizer since 2015 to manufacture and distribute its Prevnar 13 pneumonia vaccine, but this is still awaiting regulatory approval.