Pfizer, BioNTech vaccine candidates get ‘fast track’; Germany aims to avoid second wave

Pepsi sales fall amid virus shutdowns

PepsiCo’s net sales fell more than 3% in the most recent quarter as the coronavirus kept consumers away from restaurants, convenience stores and sporting events, the company announced in its quarterly report. 

The company’s North American beverage division reported a 7% drop in organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures. Pepsi’s packaged food units, by contrast, saw increased sales as Americans stayed home. Quaker Foods North America reported organic revenue growth of 23%, and Frito-Lay North America reported organic sales growth of 6%. 

Read more on the quarterly update from CNBC’s Amelia Lucas. —Sara Salinas

Pfizer, BioNTech’s vaccine candidates get FDA ‘fast track’

German biotech firm BioNTech and U.S. pharmaceutical company Pfizer announced that two of their vaccine candidates were granted “fast track” status by the U.S. Food and Drug Administration.

The companies said in a statement that the designation was based on preliminary data from the candidates’ phases one and two trials, which are still ongoing. On July 1, the companies released early data on the trials. 

“We look forward to continue working closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates,” Peter Honig, Pfizer’s senior vice president of global regulatory affair, said in a statement.

The companies said they expect to start late-stage clinical trials that will involve up to 30,000 participants as soon as later this month. —Will Feuer

Germany can prevent a second wave, health minister insists

Citizens walk at the pedestrian zone in Guetersloh, western Germany.

Ina Fassbender | AFP | Getty Images

Germany can prevent a second wave of the coronavirus later this year if people remain vigilant, the country’s health minister said, warning German holidaymakers not to be complacent over the risks.

“We have to try particularly now in the holiday season to prevent infections,” Jens Spahn told a news conference Monday, Reuters reported. “We don’t automatically have to expect a second wave in the autumn and winter. Together, as a society, we can prevent that, as we did once before: breaking the wave and keeping the pandemic in check.”

Spahn said it was important to remain alert when traveling abroad and that he was worried by pictures showing holidaymakers ignoring social distancing rules. —Holly Ellyatt

Read CNBC’s previous coronavirus live coverage here: Record single-day spike in cases; Gottlieb says 1 in 150 Americans are infected