Pfizer Expands Production For COVID-19 Doses After Meeting With President: Bloomberg

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Vandana Singh
·1 min read
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  • The U.S. President Joe Biden met with Pfizer Inc’s (NYSE: PFE) CEO Albert Bourla on Friday to discuss its COVID-19 vaccine stockpile estimated to be ready by Summer 2021, Bloomberg reports. The meeting took place at Pfizer’s manufacturing facility in Michigan.

  • Bourla announced during the visit that he expects more than doubling the approximately 5 million vaccine doses per week it currently sends out in the coming weeks.

  • The company said it would employ additional capacity at its Kalamazoo site to produce the vaccine’s formulation and a component of the vaccine, known as lipids.

  • It will also increase lipid production capabilities at its plant in Groton, Connecticut, and add on fill-finish capacity at its site in McPherson, Kansas.

  • Pfizer has also recruited two new contract manufacturers and is increasing the supply of raw materials from existing suppliers.

  • Pfizer and its German partner BioNTech SE (NASDAQ: BNTX) will be able to deliver 120 million doses in the U.S. within the first quarter, Bourla told Bloomberg at the time.

  • As of February 17, the companies had supplied the U.S. with 40 million doses. Globally, Pfizer and BioNTech aim to produce a total of 2 billion doses before year-end.

  • Last week, Pfizer and BioNtech submitted COVID-19 vaccine stability data, suggesting that the shot can be stored in lower temperatures for two weeks.

  • Price Action: PFE is down 0.3% at $34.35, while BNTX is up 0.7% at $116.5 in premarket trading on last check Monday.

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