Moderna Inc expects COVID-19 vaccine sales will reach $18.4 billion this year, the company said on Thursday.
Moderna’s expectations are above the $15 billion in sales forecast by Pfizer Inc for the only other vaccine authorized for emergency use in the United States so far.
Both vaccines, developed using a technology based on messenger RNA (mRNA), are being distributed at an unprecedented speed as cases mount in the United States, with deaths from COVID-19 surpassing the dire milestone of 500,000.
Moderna, whose shares rose 4 percent to $150.7 in trading before the bell, has been aiming to ramp up production of the vaccine, its first and only revenue-generating product.
It now aims to produce at least 700 million doses this year and expects to raise production to as much as 1 billion doses by improving its manufacturing process..
“2020 demonstrated the power of harnessing mRNA to make medicines,” Chief Executive Officer Stéphane Bancel said in a statement.
“I believe that 2021 will be an inflection year for Moderna.”