Back to top

Image: Shutterstock

Moderna (MRNA) Raises COVID-19 Vaccine Production Target

Read MoreHide Full Article

Moderna, Inc. (MRNA - Free Report) announced that it is raising the base-case global production estimate for its mRNA-based coronavirus vaccine, mRNA-1273, for 2021 by 20% to 600 million doses. Previously, the company’s estimated base-case for the year of 500 million doses.

Please note that the company is hiring staff and continues to invest to meet its goal of production of up to one billion doses of mRNA-1273 in 2021.

Moderna’s shares have skyrocketed 515% in the past year compared with the industry’s rise of 5.6%.

So far, the company’s coronavirus vaccine has received emergency use approval in the United States and Canada. In a separate press release, the company announced that the Israel’s Ministry of Health also granted authorization to import the COVID-19 vaccine.

Moderna has a supply agreement for 200 million doses with United States that are supposed to be delivered during the first half of 2021. The United States government has an option for additional 300 million doses of mRNA-1273. With rapidly rising coronavirus infection cases in the country, the United States may exercise its option for the additional doses. The company has a supply agreement in place for 40 million doses and 6 million doses with Canada and Israel.

Moderna is also looking to get its coronavirus emergency/temporary/conditional approval in several other countries including the European Union. The company has an agreement to supply 160 million doses of mRNA-1273 following a potential authorization in Europe this month. Supply agreement worth several tens of millions of doses have also been signed with different countries. The increase in estimated base-case production estimates reflects the company’s successful scaling up of mRNA vaccine production as well as anticipated rise in demand for coronavirus vaccine with a potentially highly contagious new strain in view.

The company has partnered with Swiss biotech company, Lonza, for production of mRNA-1273. Meanwhile, Moderna has contracted for fill-finish services with Catalent (CTLT - Free Report) in the United States, and ROVI and Recipharm in ex-U.S. markets

Apart from Moderna, Pfizer/BioNTech’s (BNTX - Free Report) mRNA-based coronavirus vaccine, BNT162b, is another vaccine to receive emergency FDA authorization. The vaccine is now approved for emergency/temporary/conditional use in more than 40 countries including the United States and 27 EU member countries. AstraZeneca (AZN - Free Report) is another company to receive authorization for its adenovirus-based COVID-19 vaccine, AZD1222, in the United Kingdom and India.

Zacks Rank

Moderna currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

AstraZeneca PLC (AZN) - free report >>

Moderna, Inc. (MRNA) - free report >>

Catalent, Inc. (CTLT) - free report >>

BioNTech SE Sponsored ADR (BNTX) - free report >>