As the phase 3 clinical trial of Moderna's (NASDAQ:MRNA) COVID-19 vaccine candidate continues, the company on Friday said it expects to produce 20 million doses of it by the end of 2020.

The biotech company's candidate, mRNA-1273, uses messenger RNA to induce the body to create antibodies against the novel coronavirus, decreasing the chances that an inoculated person exposed to it will become infected. 

A person holding a vial containing a COVID-19 vaccine.

IMAGE SOURCE: GETTY IMAGES.

In August, management announced it was slowing enrollment in the late-stage study to allow for enrollment of a more diverse population, including younger people and people with other viruses, including hepatitis. 

Nevertheless, CEO Stephane Bancel still believes Moderna is on track to have gleaned enough data from the study to know by November whether or not mRNA-1273 is effective. 

The company has already signed an agreement to provide the U.S. government with up to 100 million doses of mRNA-1273 for $1.525 billion, assuming it wins approval. Similarly, Moderna has said it's in negotiations for a deal to supply the European Union with up to 160 million doses.

In total, Moderna's manufacturing investments have it targeting the capacity to produce up to 1 billion doses in 2021.