Benzinga | Mar 4, 2021 06:08AM EST

Emergent BioSolutions Capable Of Manufacturing 1B COVID-19 Vaccine Doses Annually, CEO Says

Emergent BioSolutions Inc (NYSE: EBS) has built the capacity to produce vaccines from AstraZeneca Plc (NASDAQ: AZN) and Johnson & Johnson (NYSE: JNJ) around the clock, said CEO Bob Kramer on CNBC.

* "We are operating at a level where our capacity is well in excess of 1 billion doses annually for those products." said the CEO.

* The company bagged a five-year deal with JNJ to produce its COVID-19 vaccine, valued at about $480 million for the first two years.

* It also entered into a multi-year contract production pact for AstraZeneca's COVID-19 vaccine. The three-year contract is valued at $174 million through 2021.

* AZN contract is in addition to an $87 million deal that was announced to secure production space.

* The J&J vaccine is being produced at Emergent BioSolutions' Baltimore Bayview facility, one of three Centers for Innovation in Advanced Development and Manufacturing designated by the U.S. government as a rapid vaccine therapeutics manufacturing site.

* In addition to Emergent BioSolutions, the White House earlier this week arranged a deal with Merck & Co Inc (NYSE: MRK) to help boost J&J's one-dose vaccine production.

* President Joe Biden said that he expects the U.S. to have a vaccine supply of 300 million within the next few months, which he says is substantial enough to reach all adults.

* The projected timeline for building up this supply was also moved to May from the end of July.

* J&J expects to deliver 20 million shots in the U.S. this month, while a total of 100 million doses are planned for the first half of this year.

* Price Action: EBS shares closed 4.6% lower at $94.73 on Wednesday.