RIO DE JANEIRO, BRAZIL – After reporting that it has made progress in developing a vaccine against the coronavirus, Johnson & Johnson’s shares recorded gains of nine percent during Monday’s regular trading session on the New York Stock Exchange (NYSE).
The shares of the world’s largest health care company are trading above US$133 after the company released a statement reporting progress in studies of an experimental vaccine for the Covid-19, which could be ready for emergency use by 2021.
J&J said it will start clinical trials of the vaccine in humans by September. This is a “substantially faster time period” compared to the typical vaccine development process, according to the company.
The company plans to supply more than one billion doses of the vaccine worldwide. To this end, it is increasing its manufacturing capacity in the US and expanding its plants’ physical structure in other countries.
It has further announced more than US$1 billion to fund vaccine research in partnership with research and health agencies in the United States.
Despite Monday’s 9 percent gain, the company’s shares have dropped approximately ten percent year-to-date.