Jefferies Says Supply-Chain Issues Larger Than Patents for Shots

Jefferies analyst Michael Yee wrote in a note that while Covid vaccine stocks slumped on headlines that the Biden administration may support a waiver of vaccine patents, the bottleneck is “neither access nor patents (or price) but simply that there aren’t enough vials, raw materials, etc. to manufacture it regardless of patents.”

• NOTE: MRNA slumped 6.2% while BNTX dropped 3.5% and NVAX, which is developing a Covid vaccine, declined 4.9%
• Notes that supplies, raw materials and key things like vials and stoppers are in limited supply for 2021 though 2022 and beyond could be in question given time to manufacture ...