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AstraZeneca (AZN) Is In A Race Against Time To Deliver COVID-19 Vaccine To EU

AstraZeneca PLC (AZN) is trying to deliver 40 million doses of its Covid-19 vaccine to the European Union by the end of March, less than half of what it had committed to under its contract, the pharmaceutical company’s chief executive said today. Pascal Sorio in the European Parliament.

The pharmaceutical company AstraZeneca in a statement yesterday declared that they aim to supply 40 million doses of the Covid-19 vaccine by March-end, half of what is on its contract, Pascal Sorio said on the European Parliament floor. Company representatives have long stated they will not distribute 90 million doses in the first quarter of the year.

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European Union members, which have lagged behind the United States and former British member Britain in vaccination deliveries, have continually urged the company to step up production.

It’s disappointing that the supply chain in Europe wasn’t working as expected,” Sorio said. “We are working to deliver 40 million doses by the end of the first quarter.”

At a European Parliament meeting, Sorio added that AstraZeneca PLC (AZN) was “optimistic” that its production would rise in the second quarter. According to the AstraZeneca agreement with the EU, it must deliver 180 million doses of the vaccine by June. Sorio said the company intends to cover the total amount of vaccine requested by the Europeans by using installments from its “international” network, including the US.

AstraZeneca’s plant in Italy’s head, Lorenzo Vitum, said earlier in the day that the company would deliver 180 million doses to Europe by the end of the second quarter. Reuters reported on Tuesday that an EU official expected the pharmaceutical company to deliver significantly less than it had promised the European Union. The same day, however, the company announced a press release that it expected to deliver 180 million dosages in the EU through factories located outside the EU.

MEP and Vice President of the European People’s Party, Esther de Lange, cautioned that AstraZeneca behaves like a used car salesman unreliable and is a challenge to rely upon for reliable information.

AstraZeneca PLC (AZN) stock dropped by -5.03% for the week, with a monthly drop of -10.16 % and a quarterly performance of -10.59%, while its year-to-date performance touched 2.82%.

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