When most of us think of coronavirus programs, we probably think of Moderna (MRNA +4.51%) or Pfizer (PFE +2.34%). The two companies are leaders in the U.S. vaccine market. And they also have several other coronavirus candidates in the pipeline.
But these coronavirus giants actually aren't the biggest COVID-19 companies in terms of number of candidates in development. A much smaller player actually wins that title, according to the following chart. Let's check it out.
Image source: Getty Images.
Coronavirus drugs and vaccines
It's important to note that the following chart doesn't refer to vaccines only. It includes drugs too. Moderna isn't involved in the coronavirus treatment space. Instead, the biotech company is focused on vaccines and boosters. Pfizer is present in both markets.
The chart shows Sorrento Therapeutics (SRNE 11.11%) actually has the most coronavirus candidates in development. The company has a total of 18 candidates. These include potential products such as a neutralizing antibody nasal spray, an antiviral pill, and an omicron mRNA vaccine. By comparison, Moderna and Pfizer each have 10 candidates in development.
Image source: Statista.
So, does this mean we're wrong to think of Moderna and Pfizer as owning the coronavirus market? Not necessarily. It's important to note the phase of development of a company's candidates -- and whether a particular company has coronavirus products on the market right now.
Sorrento so far has won authorization for its Covistix rapid antigen test in Mexico, Brazil, and Europe. One of its coronavirus treatment candidates is in a pivotal trial in Brazil. Another treatment candidate is waiting for the U.S. Food and Drug Administration to authorize a pivotal trial.
Revenue so far
Sorrento's coronavirus programs haven't yet generated significant revenue. Sorrento revenue in the quarter ending Dec. 31 totaled about $13 million. At the same time, Moderna and Pfizer have generated billions of dollars from their coronavirus programs. Moderna's vaccine revenue last year totaled $18.5 billion. And Pfizer's vaccine revenue reached more than $36 billion.
Now, let's look to the future with help from the chart below. Moderna and Pfizer are set to generate $22 billion and $29 billion, respectively, from vaccine sales this year, according to the chart below. Sorrento isn't included in this chart since it hasn't yet brought a vaccine to market.
Image source: Statista
All of this means that the number of candidates in the pipeline doesn't necessarily lead to market leadership. Of course, a company can increase its chances for success if it works on multiple programs rather than just one. But so far, Sorrento hasn't brought one major product to market that stands out from those of rivals. So, Sorrento wins when it comes to number of coronavirus candidates in the pipeline. But when it comes to product revenue, Moderna and Pfizer remain way ahead.
