Johnson & Johnson CEO Alex Gorsky on Tuesday discussed the company’s unprecedented partnership with rival Merck to boost production of its Covid-19 vaccine.
“Extraordinary times require extraordinary efforts,” Gorsky told CNBC’s Jim Cramer in a “Mad Money” interview.
“This means that Americans will be more likely to get shots in the arm, and we are very excited about the potential impact this could have on the situation in general,” said Gorsky. “I think it’s another … proof of the potential this vaccine really has.”
Vaccines against the coronavirus are considered crucial in helping the country and the world achieve immunity to herds. This would allow the US to reopen in complete safety after a year of lockdowns and restrictions weighing on the economy.
J & J’s vaccine was 66% effective in preventing Covid in clinical trials. It is also 86% effective at preventing serious illness, and it prevented 100% of virus-related hospitalizations and deaths, Gorsky said on CNBC Monday. The vaccines from Moderna and Pfizer – who worked with BioNTech to develop the inoculation – were found to be 95% effective at protecting against the virus.
As part of the agreement, Merck will offer two US facilities to assist in J & J’s vaccine production.
“The real war is here against Covid-19, and I couldn’t think of a better partner than Merck, a company with an incredibly strong reputation,” said Gorsky of his partner becoming a partner. “We think it will make a significant contribution to our capabilities, both in the short and long term.”
The comments came after President Joe Biden said on Tuesday that the US will have enough vaccines to inoculate everyone in the US by the end of May. That is two months ahead of the administration’s original target.
The FDA approved J & J’s one-time Covid vaccine for weekend emergency use. After the company got the green light from regulators, Gorsky said J&J has signed a manufacturing agreement with Merck and the federal government to speed up bottle production.
About 4 million doses of the J&J vaccine are expected to be delivered in the US this week, and an additional 16 million doses will be available by the end of March.
The partnership follows one earlier this year between two other drug manufacturers. French drug maker Sanofi said in January it would help boost supplies of Pfizer’s dual vaccine. Moderna also has a deal with Swiss company Lonza to help create its own dual vaccine.