On Apr. 29, 2021, Moderna announced it was making new funding commitments to increase supply at its owned and partnered manufacturing facilities, which it expected will increase global 2022 capacity to up to 3 billion doses of its COVID-19 vaccine, depending upon the mix between the authorized Moderna COVID-19 Vaccine at the 100 ﾵg dose level and potentially lower doses of the Company’s variant booster candidates and pediatric vaccines, if authorized. The Company will use its cash balance to fund these investments.

These investments allow for a doubling of drug substance manufacturing at Lonza’s (SIX: LONN) Switzerland-based facility, a more than doubling of formulation, fill and finish and drug substance manufacturing at Rovi’s Spain-based facility, as well as a 50% increase of drug substance at Moderna’s facilities in the U.S. When completed, the investments will also result in an increase in safety stock of raw materials and finished product used to deliver committed volumes.

The Company planned to begin making investments at its owned and partnered manufacturing facilities in 2021, with increased production from these investments expected to ramp up in late 2021 and early 2022. The Company also raised its 2021 manufacturing supply forecast to between 800 million to 1 billion doses.