Home > Technology > Moderna jumps 11% after announcing plans to file for emergency use authorization as final results show its COVID-19 vaccine candidate is 94% effective

Moderna jumps 11% after announcing plans to file for emergency use authorization as final results show its COVID-19 vaccine candidate is 94% effective

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  • Moderna jumped 11% on Monday after the company said it will file with the US FDA for emergency use of its coronavirus vaccine to be widely distributed.
  • Studies involving 30,000 people, with 196 who got sick with COVID-19, showed the vaccine shot is more than 94% effective at protecting people from becoming ill with the virus.
  • If the FDA authorizes the vaccine, the US intends to start vaccinating vulnerable people before the end of the year.
  • Visit Business Insider’s homepage for more stories.

Shares in US drugmaker Moderna rose as much as 11% in pre-market trading after the company said it would file for emergency use authorization on Monday for its COVID-19 vaccine candidate.

Final data showed its vaccine shot was 94% effective. If the US FDA authorizes the vaccine, the US intends to start vaccinating vulnerable people before the year-end.

The late-stage trial involved more than 30,000 participants, with 196 confirmed coronavirus cases. Of those, 30 cases were severe. 

The US will get first access to the vaccine, called mRNA-1273. Moderna said it expects to have 20 million doses ready for use in the country by the end of 2020. The US has already bought 100 million doses from Moderna through Operation Warp Speed, and hopes to distribute 400 to 450 million vaccine doses through May. It plans to produce between 500 million to 1 billion doses globally in 2021. 

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The UK has purchased 7 million doses of the vaccine, but supplies are not expected to reach Britain until March.

Moderna is the third company to apply for regulatory approval after Pfizer and Oxford University-AstraZeneca. It expects the FDA to consider its late-stage trial data at its meeting on December 17.

“This positive primary analysis confirms the ability of our vaccine to prevent COVID-19 disease with 94.1% efficacy and importantly, the ability to prevent severe COVID-19 disease,” Stéphane Bancel, Moderna’s CEO said in a statement. “We believe that our vaccine will provide a new and powerful tool that may change the course of this pandemic and help prevent severe disease, hospitalizations and death.”

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