Pfizer Expands Production For COVID-19 Doses After Meeting With President: Bloomberg - Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX)

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.