Johnson & Johnson stocks slid by 0.2% during afternoon trading on Wednesday after reports of its coronavirus vaccine candidate falling two months behind schedule.
While the pharmaceutical company had initially planned to have 12 million doses of its vaccine ready for distribution by the end of February, several delays have prevented Johnson & Johnson from completing the development of the vaccine.
Currently, the medical device corporation finds itself conducting late-stage clinical trials, with no Phase 3 test results available as of yet. This is why the company does not yet hold emergency use authorization for its vaccine candidate.
With the pandemic showing no signs of slowing, Johnson & Johnson is persisting with its vaccine development. According to Reuters, the company expects to receive its outstanding test results by the end of January or the start of February, which should enable the firm to commence its vaccine rollout in March.
According to reports, Johnson & Johnson initially agreed last August to supply the U.S. government with 100 million doses of its coronavirus vaccine. The company produced no production timeline when the agreement was concluded.
The company looked to ease stakeholders’ minds with a public statement, explaining: “We have begun production of our vaccine candidate and are confident in our ability to meet our 2021 supply commitments signed with governments.”
