Moderna Invests To Make Up To 3 Billion More Covid Vaccines In 2022 - Forbes

Topline

Biotech company Moderna announced it will increase its investment in Covid-19 vaccine manufacturing, enabling it to make up to 3 billion doses of its mRNA vaccine next year.

Key Facts

The company says it will expand its manufacturing capacity in the vaccine-making facilities that it owns and partners with in Switzerland, Spain and the U.S.

The money for the investment is coming from the company’s cash balance, which according to its most recent SEC filing is $5.25 billion.

Moderna is also upping its previous supply forecast for this year, and says that it expects to have between 800 million and 1 billion doses manufactured by the end of 2021.

The company added that it is working on a new formulation of its vaccine that could be stable at normal refrigeration temperatures for up to three months.

Crucial Quote

“As we follow the rapid spread of SARS-CoV-2 variants of concern, we believe that there will continue to be significant need for our mRNA COVID-19 vaccine and our variant booster candidates into 2022 and 2023,” CEO Stéphane Bancel said in a press release.

Key Background

Millions of people around the world have already been vaccinated with Moderna’s mRNA-based Covid-19 shot. But recent studies have shown that the vaccines will likely be less effective after twelve months, and aren't as protective against some of the more contagious variants of SARS-CoV-2. Many of these 3 billion doses will likely include booster shots, as well as a new vaccine that Moderna is developing specifically against Covid-19 variants. Earlier this week, Moderna struck a deal with pharma giant Sanofi to manufacture 200 million doses of its vaccine in the U.S.

What To Watch For

Moderna has been criticized for selling most doses of its vaccine to high-income countries and shutting out countries with smaller markets. Unlike Pfizer, Moderna has not yet reached an agreement with COVAX, a coalition committed to equitable vaccine access around the world, to distribute its vaccine to low-income countries. A spokesperson from Moderna says that the company is in discussions with COVAX, and that a vaccine that can be refrigerated for up to three months may help distribution in lower-income countries.