Fauci made the comments on a conference call Monday morning.
"The results of this trial are truly striking," he said.
"I said I would be satisfied with a 70-75% efficacy and that something like a 95% was very aspirational. Well our aspirations have been met and that is very good news," Fauci added.
Pfizer reported last week that its vaccine was more than 90% effective.
"It is absolutely unprecedented to have two vaccines with highly promising data from Phase 3 trials less than a year after the global emergence of a novel pathogen," said Sec. of Health and Human Services Alex Azar.
President Donald Trump tweeted following Moderna's announcement.
In a pair of tweets, president-elect Joe Biden said that Moderna's results provide "further reason to feel hopeful," but added "we are still months away. Until then, Americans need to continue to practice social-distancing and mask-wearing to get the virus under control."
"Once again, I congratulate the brilliant women and men who produced this breakthrough and have brought us one step closer to beating this virus," Biden tweeted. "I am also thankful for the frontline workers who are still confronting the virus around the clock."
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