Johnson & Johnson COVID-19 Vaccine Approval Could Be Near But The Company Is Low On Supply

Johnson & Johnson JNJ only has a few million doses of its COVID-19 vaccine in its inventory even though regulatory authorization could just be weeks away, Reuters reported Wednesday.

What Happened: The revelation regarding the vaccine stock was made by Jeffrey Zients, the Biden administration’s COVID-19 response coordinator, according to Reuters. 

The New Jersey-based drug multinational is reportedly committed to providing 100 million doses by June but deliveries are likely to be “back-end loaded,” as per Zients.

See also: How to Buy Johnson & Johnson Stock

“Across the last few weeks we’ve learned that there is not a big inventory of Johnson and Johnson. There’s a few million doses that we’ll start with,” said Zients.

Why It Matters: The Food and Drug Administration has scheduled a meeting of the Vaccines and Related Biological Products Advisory Committee on Feb. 26 to discuss the COVID-19 vaccine made by Johnson & Johnson subsidiary Janssen Biotech Inc.

The Janssen vaccine can be administered in a single dose unlike vaccines made by Pfizer Inc PFE and Moderna Inc MRNA, both of which have already received emergency approval. 

Janssen’s shot also eliminates the need for ultracold storage, which is required for the other two approved vaccines.

The United States faces a vaccine crunch as both Pfizer and Moderna have promised to deliver 200 million doses by the end of March, but fewer than 72 million doses have been shipped and 55 million doses administered, noted Reuters.

Price Action: Johnson and Johnson shares closed nearly 0.4% higher at $165.66 on Wednesday and gained 0.13% in the after-hours session.