Like many other contract manufacturers, Catalent has been busy helping produce COVID-19 vaccine doses during the world’s all-out vaccination drive. While some investors have wondered how the company can grow next year given its 2021 boost, analysts with Jefferies say there’s plenty more contract work to come.
Catalent has COVID-19 vaccine production deals with Moderna, Johnson & Johnson and AstraZeneca. Together, those companies plan to produce nearly 8 billion COVID-19 vaccine doses next year, Jefferies analysts wrote to clients on Wednesday. That's about double 2021 expectations of nearly 4 billion doses.
While some investors worry about the company’s growth prospects for next year, public commitments made by Catalent's partners are a “positive indicator” for the contract manufacturer, the analysts wrote.
In all, the top five vaccine producers plan to produce 12.9 billion COVID-19 vaccine doses in 2022, a 45% increase from their 2021 projections, the analysts wrote. The figure includes public projections from Catalent’s partners, plus Pfizer’s own commitment and a “conservative estimate” for Novavax, whose shot is still forthcoming, the analysts wrote.
The projections come as the world is months into the COVID-19 vaccination push. So far, more than 1.35 billion COVID-19 vaccine doses have been administered worldwide, Bloomberg reports. In the U.S., more than 264 million doses have been administered, and nearly 60% of adults have had at least one dose, according to the latest Centers for Disease Control and Prevention data.
Even as vaccines swiftly roll out, CEOs for Pfizer and Regeneron recently said they expect extended demand for their respective products. Pfizer’s CEO said his company is negotiating for vaccine supplies into 2024, while Regeneron’s CEO said the company’s antibody cocktail will be needed despite the vaccine launches for those who don’t get vaccines and for those who need more protection.