Moderna, Inc. (MRNA) stock is soaring 5.03% in pre-market trading on Friday following the announcement that Health Canada has approved the company's updated COVID-19 mRNA vaccine, Spikevax. The new vaccine targets the SARS-CoV-2 LP.8.1 variant and is authorized for individuals aged six months and older.

The approval marks a significant milestone for Moderna, as it allows the company to supply Canadian communities with domestically-produced Spikevax doses for the first time. All pre-filled syringe doses for the Canadian market will be manufactured in Canada, with drug substance production in Laval, Quebec, and fill-finish operations in Cambridge, Ontario. This local production capability is likely contributing to investor optimism about Moderna's market position in Canada.

Moderna stated that it is on track to deliver the updated vaccine in time for the 2025-2026 vaccination season, with doses expected to be available this fall. The company also highlighted that the updated COVID-19 vaccine has already been approved in Europe, Japan, Switzerland, and other countries, with regulatory applications pending in more markets worldwide. This global expansion of approvals for Moderna's updated vaccine is seen as a positive indicator for the company's future revenue streams, driving the stock's upward movement.