Moderna's COVID-19 vaccine: What to know

The vaccine, known as mRNA-1273, showed a 94.5% effective rate on the first 95 participants

As the world continues to grapple with the coronavirus pandemic, Moderna has officially submitted its COVID-19 vaccine to the U.S. Food and Drug Administration for emergency use approval.

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The Cambridge, Mass.-based biotech firm said its vaccine, known as mRNA-1273, showed a 94.1% effectiveness rate in a Phase 3 trial. The vaccine's efficacy against "severe COVID-19" was 100%, the company added in a statement released on Monday.

It previously said the vaccine had a 94.5% efficacy on the first 95 participants in the trial with confirmed COVID-19 diagnoses.

CEO REACTS

“This positive primary analysis confirms the ability of our vaccine to prevent COVID-19 disease with 94.1% efficacy and importantly, the ability to prevent severe COVID-19 disease. We believe that our vaccine will provide a new and powerful tool that may change the course of this pandemic and help prevent severe disease, hospitalizations and death,” said Moderna CEO Stéphane Bancel in the statement.

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PFIZER'S COVID-19 VACCINE: WHAT TO KNOW

EXPERTS WEIGH IN

When news of the vaccine's efficacy first came out, the director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci told the "Today" show it is a "really strong step forward to where we want to be," discussing both the Moderna and Pfizer vaccines.

On Sunday, Health and Human Services assistant secretary Dr. Brett Giroir said the Moderna vaccine, as well as the Pfizer vaccine, were safe, urging Americans to get vaccinated when they can.

“All indications are this is an extremely safe vaccine, the Pfizer and Moderna, and very, very effective, over 95% effective,” Giroir said on “State of the Union.” Giroir stressed the need to “immunize for impact,” which would see the highest risk populations prioritized.

“We can absolutely get 85% of the benefit by immunizing only a small percentage of the population,” Girior added.

President Donald Trump and President-elect Joe Biden previously mentioned Moderna's vaccine, with Trump noting it happened under his watch.

President-elect Joe Biden said the news of a second vaccine is reason to "feel hopeful."

Here are a few facts to know about Moderna's vaccine, compiled by FOX Business.

FAST FACTS

Cost:

Somewhere between $32 and $37 per dose.

On the company's August earnings call, Bancel said pricing for smaller volumes will likely range between $32 and $37 per dose, while larger volumes could be lower.

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Number of doses:

Perhaps as many as 500 million per year.

At a dose level of 100 micrograms (which was given in the Phase 3 trial that started in July), Moderna said it can deliver 500 million doses per year and perhaps as many as 1 billion per year in 2021, as it works with Swiss drugmaker Lonza for its manufacturing needs.

Potential revenue to Moderna:

At least $1 billion.

The U.S. government has previously struck a deal with Moderna for 100 million doses of the vaccine as part of Operation Warp Speed, with an option to buy an additional 400 million doses.

In the company's third-quarter earnings release, Moderna said it had received more than $1.1 billion in deposits for the vaccine from governments around the world.

Timeline:

It's still unknown at this point when the vaccine will be approved by the FDA.

However, Bancel has said that widespread distribution of the vaccine will likely not happen until the spring.

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FOX Business' Suzanne O'Halloran, Evie Fordham, Peter Aiken and Fox News' Alexandria Hein contributed to this story.

*This story, originally published on 11/16/20, has been updated.