Moderna and Pfizer made history when they brought their coronavirus vaccines from development to market in less than a year. So far, though, Moderna has been the only one to benefit from a share-price perspective. The company’s shares soared more than 600% this year. Pfizer’s stock is little changed.
Why such a difference? Investors knew that an eventual vaccine would be Moderna’s first marketed product, and therefore, its source of product revenue. Conversely, Pfizer’s future didn’t depend on the vaccine program. That’s because the big pharmaceutical company generates revenue from a vast array of products.
Now we’ve entered a new phase. Moderna and Pfizer launched their vaccines this month under emergency authorizations. Let’s take a look at which company may win when it comes to revenue — and share performance.
U.K., U.S., and European authorizations
Pfizer and partner BioNTech won authorization in the U.K., then the U.S., and most recently in the European Union. The pharmaceutical company has orders for at least 550 million doses from various countries and regions including the U.S., the European Union, the U.K, and others. The number doesn’t include Canada, which ordered doses but didn’t announce how many.
Pfizer hasn’t released how much it’s charging, but we can use the price the U.S. paid as a guide. That’s $1.95 billion for 100 million doses, or $19.50 per dose. For the doses ordered so far, that equals more than $10 billion. Pfizer also must share some of its gains with BioNTech.
Let’s have a look at Moderna. The U.S. Food and Drug Administration (FDA) granted Moderna’s vaccine Emergency Use Authorization last week. The biotech has secured orders for more than 470 million doses from the U.S., the European Union, Canada, Switzerland, and other countries. Like my Pfizer count, this doesn’t include countries that haven’t announced quantities ordered. In this case, that means Singapore and Qatar.