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Moderna to boost COVID-19 vaccine production at Massachusetts site by 50%

Shares of Moderna Inc.
MRNA,
+4.03%

were down 0.3% in premarket trading on Tuesday after the company said it will double the size of its manufacturing space at its facility in Norwood, Mass., essentially allowing for a 50% increase in the production of its COVID-19 vaccine there. Moderna now aims to produce between 800 million and 1 billion doses of its COVID-19 vaccine in 2021 and up to 3 billion doses in 2022. It also said its other products, all currently in development, can be produced at that site. “We believe that this investment and expansion at our technology center will allow us to continue to optimize our mRNA products as we explore new pharmaceutical delivery forms such as prefilled syringes and lyophilized products,” Moderna CEO Stéphane Bancel said in a news release. Moderna’s stock has rallied 78.0% since the start of the year, while the broader S&P 500
SPX,
+0.27%

is up 11.6%.

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