Moderna expects sales of $18.4bn from its coronavirus vaccine in 2021

The US based firm to produce 700 million doses to 1 billion doses this year

Britian's AstraZeneca has sold its entie stake in US biotechnology firm Moderna for more than $1bn. Reuters

Moderna said on Thursday it was expecting sales of $18.4 billion from its coronavirus vaccine this year, putting it on the path to post a profit for the first time since its formation in 2010.

Moderna and Pfizer are the only drugmakers whose vaccines have been cleared for emergency use against Covid-19 in the US so far.

Pfizer earlier this month forecast $15bn in its share of sales from the Covid-19 vaccine it developed jointly with partner BioNTech.

Both vaccines are being distributed in several countries, and the companies are also working to combat a prevalent new variant of the coronavirus that first emerged in South Africa.

Governments around the world are worried that it may be necessary to provide a "booster" shot for people infected with new variants over the next couple of years, chief executive Stephane Bancel said.

Mr Bancel said the company has been adding to its manufacturing capacity due to those concerns and expects to produce 700 million doses to 1 billion doses in 2021.

Moderna is working on an additional booster that targets the South Africa variant and has shipped the vaccine for clinical testing to the US National Institutes of Health, the company said on a post-earnings conference call.

The company is also planning to test a next-generation shot that could potentially be stored in refrigerators instead of freezers, making it easier to distribute, especially in developing countries.

The company has shipped 60 million doses of the vaccine so far and has enough drug substance for 100 million doses, Moderna said.

Shares of the company rose nearly 4 per cent to $150.4.