Moderna to reap $18.4B off COVID-19 vaccines in 2021
Moderna intends to supply its vaccine to 40 countries in 2021
Massachusetts-based biotech company Moderna on Thursday announced it expects $18.4 billion in product sales in 2021 for its COVID-19 vaccine.
“2020 was a historic year for Moderna,” Stéphane Bancel, chief executive officer of Moderna, said over an earnings call. He projected 2021 will mark an "inflection year" for the company.
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Advance purchase agreements were signed to supply the vaccine to 40 countries over 2021, including the U.S., Japan, Canada, South Korea, U.K. and others. Following emergency authorizations for the COVID-19 vaccine from the U.S. FDA and Health Canada, Moderna saw $200 million in product sales in late December, company executives said.
Meanwhile, deals involving COVAX are still under negotiation. COVAX is an initiative co-led by the World Health Organization for an equitable supply of coronavirus vaccines in developing countries.
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Moderna has ramped up a global manufacturing plan from 600 million to 700 million doses this year, aiming to build supply up to 1 billion doses in 2021, and 1.4 billion doses in 2022.
Cost of sales including manufacturing, warehousing and other logistics was 4% in 2020, though Moderna modeled this figure to surge to 20% this year.
The news comes after Moderna on Wednesday announced that the COVID-19 vaccine it recently developed to address a concerning new coronavirus variant first identified in South Africa is ready to be tested in humans in clinical trials. Moderna in a news release said that it has shipped the first batch of doses of the new jab to the National Institutes of Health (NIH) to commence a Phase 1 clinical trial "that will be led and funded by the NIH’s National Institute of Allergy and Infectious Diseases (NIAID)."
Fox News' Madeline Farber contributed to this report.