Moderna CEO Says Company's Vaccine Alone Can't Meet Global Supply

Moderna Inc. MRNA Chief Executive Officer Stephane Bancel on Tuesday told CNBC he is hoping for approval of multiple vaccines against the novel coronavirus (COVID-19).

What Happened

Bancel said that any single company, including Moderna, can't produce enough vaccines to meet the global demand.

"The odds that every program works are really low, obviously, but I really hope we have three, four, five vaccines, because no manufacturer can make enough doses for the planet," Bancel said at the CNBC Healthy Returns Virtual Summit.

Moderna's mRNA-1273 vaccine for COVID-19 received a Fast Track designation from the Food and Drug Administration earlier in the day that allows for the process of regulatory review to be accelerated.

The company also received approval from the FDA to start phase two clinical trials last week.

Its vaccine candidate is the only one to be in the second phase of clinical trials, along with China's CanSino Biologics Inc, according to data from the World Health Organization.

Others, including Inovio Pharmaceuticals Inc. INO and Pfizer Inc. PFE, are conducting phase one clinical trials for their vaccine candidates.

Bancel had told CNBC last week that Moderna will be supply-constrained for a long time, even if the vaccine is approved to treat COVID-19 patients.

Price Action

Moderna closed 6.8% lower at $62.35 on Tuesday. The shares traded 0.6% higher at $62.74 in the after-hours session.