Merck filed for an EUA with the FDA for Molnupiravir, its oral antiviral against COVID.
Merck hasn't published the data yet, but the results they reported from the phase III trial showed the drug reduced the risk of hospitalization or death by approximately 50%. Side effects were similar to the placebo group. So if the data pans out this would be a significant help to COVID treatment.
This wouldn't be an immediate game changer as Merck only expects to have 10 million courses available by the end of 2021. And it of course isn't a substitute for vaccination. Vaccination reduces the risk of hospitalization by ~95% and reduces the risk of infection to begin with by at least ~50%.
Monoclonal antibody therapies have been effective treatments for COVID, but they require intravenous administration, whereas this would be an oral pill. Monoclonal antibody treatments reduced the risk of hospitalization or death by ~70-85% in their clinical trials.
I really hope this doesn't discourage vaccination in the US, but it probably will. But it is good to have another solid and easily taken therapy for the globe anyways given so many countries still have low vaccination rates and really don't have the resources for the monoclonal antibodies.
Here's the funny (and sad) part: many of those antivaxxers who claim the vaccine is experimental and so they wont take it will be more than happy to take the "experimental" pill from Merck.