By Christiana Sciaudone
Investing.com — Moderna (NASDAQ:MRNA) rose 3.5% after The Wall Street Journal reported it would add two new production lines to make its Covid-19 vaccine.
The company will increase capacity by 50% with the investment even as it expands production outside the U.S. Moderna’s goal is to triple the annual output of the vaccine to about 3 billion doses in 2022 from up to 1 billion this year.
Vaccine sales should top $17.1 billion this year, according to analysts, The Journal reported.
But Moderna’s manufacturing head said finding enough raw materials, including plastic bags, tubes and filters, may hinder progress.
Shares have rallied more than 200% over the past year thanks to the breakthrough vaccine.