Moderna said on Thursday it expects sales of the COVID-19 vaccine to reach $18.4 billion this year, above the $15 billion forecast by Pfizer, as the only other vaccine authorized for emergency use in the US.
The U.S. Pharmaceutical company shares rose 4% to $150.7 in Thursday trading. Moderna aims to increase production of the vaccine, as the first and only revenue-generating product in the company.
It aims to produce at least 700 million doses in 2021 and production is expected to increase as much as 1 billion doses through more advanced manufacturing.
“The year 2020 demonstrates the power of RNA to make medicines. I believe that 2021 will be an inflection year for Moderna,” CEO Stefan Bancel said in a statement.
The company said it about to complete a vaccine-based study on children aged 12-17, and another study on children aged six months to 11 years of age in the near term.