Corning Incorporated (NYSE: GLW) today announced it will receive
$57 million in additional funding from the Biomedical Advanced
Research and Development Authority (BARDA), part of the Office of
the Assistant Secretary for Preparedness and Response at the U.S.
Department of Health and Human Services (HHS), through its
partnership with the Department of Defense’s (DoD) Joint Program
Executive Office for Chemical, Biological, Radiological and Nuclear
Defense and Army Contracting Command. Under the agreement, Corning
will further increase domestic manufacturing capacity of
pharmaceutical glass tubing and vials to support the accelerated
mass vaccination effort critical to ending the pandemic.
Corning has accelerated its advanced glass vial production
capacity to support pharmaceutical manufacturers that are
delivering hundreds of millions of doses of potentially life-saving
vaccines to Americans. This expansion effort, to support President
Joe Biden’s goal of vaccinating the majority of Americans against
COVID-19 in the next few months, will increase production of
Corning’s pharmaceutical glass tubing and vials, including Corning
Valor® Glass vials.
Ron Verkleeren, Corning’s senior vice president and general
manager, Life Sciences, said, “We’re at an inflection point in the
COVID-19 response. At this critical moment, every vaccination
counts, which means every vial we deliver counts. We’re proud to do
our part working with the U.S. government to help ensure that
enough glass is available in the supply chain. With this additional
infusion of resources, we can significantly scale our tubing and
vial capacity to help meet rapidly expanding demand.”
This award is in addition to the $204 million contract announced
in June 2020, for a total of $261 million invested in Corning’s
pharmaceutical vial and tubing manufacturing capacity. Corning has
met every milestone to date under the original contract.
Corning’s innovative vials continue to set a new standard for
glass quality and performance in the pharmaceutical industry. The
company is committed to helping protect patients by improving
pharmaceutical quality as well as helping accelerate manufacturing
through advantages specific to Corning’s coated vial
technology.
Caution Concerning Forward-Looking
Statements
The statements contained in this release that are not historical
facts or information and contain words such as “will,” “believe,”
“anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,”
and “target” and similar expressions are forward-looking
statements. These forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and include estimates and assumptions related to
economic, competitive and legislative developments. Such statements
relate to future events that by their nature address matters that
are, to different degrees, uncertain. These estimates are
subject to change and uncertainty which are, in many instances,
beyond our control. There can be no assurance that future
developments will be in accordance with management’s expectations.
Actual results could differ materially from those expected by us,
depending on the outcome of various factors. We do not undertake to
update forward-looking statements.
Although the Company believes that these forward-looking
statements are based upon reasonable assumptions regarding, among
other things, current estimates and forecasts, general economic
conditions, its knowledge of its business, and key performance
indicators that impact the Company, actual results could differ
materially. The Company does not undertake to update
forward-looking statements. Some of the risks, uncertainties
and other factors that could cause actual results to differ
materially from those expressed in or implied by the
forward-looking statements include, but are not limited to: the
duration and severity of the COVID-19 pandemic, and its ultimate
impact across our businesses on demand, operations and our global
supply chains; the effects of acquisitions, dispositions and other
similar transactions; global business, financial, economic and
political conditions; tariffs and import duties; currency
fluctuations between the U.S. dollar and other currencies,
primarily the Japanese yen, new Taiwan dollar, euro, Chinese yuan
and South Korean won; product demand and industry capacity;
competitive products and pricing; availability and costs of
critical components and materials; new product development and
commercialization; order activity and demand from major customers;
the amount and timing of our cash flows and earnings and other
conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; possible disruption in commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, or major health concerns;
loss of intellectual property due to theft, cyber-attack, or
disruption to our information technology infrastructure;
unanticipated disruption to equipment, facilities, IT systems or
operations; effect of regulatory and legal developments; ability to
pace capital spending to anticipated levels of customer demand;
rate of technology change; ability to enforce patents and protect
intellectual property and trade secrets; adverse litigation;
product and components performance issues; retention of key
personnel; customer ability, most notably in the Display
Technologies segment, to maintain profitable operations and obtain
financing to fund ongoing operations and manufacturing expansions
and pay receivables when due; loss of significant customers;
changes in tax laws and regulations including the 2017 Tax Cuts and
Jobs Act; the impacts of audits by taxing authorities; the
potential impact of legislation, government regulations, and other
government action and investigations; and other risks detailed in
Corning’s SEC filings.
For a complete listing of risks and other factors, please
reference the risk factors and forward-looking statements described
in our annual reports on Form 10-K and quarterly reports on Form
10-Q.
Web Disclosure In accordance with guidance
provided by the SEC regarding the use of company websites and
social media channels to disclose material information, Corning
Incorporated (“Corning”) wishes to notify investors, media, and
other interested parties that it uses its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning’s media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company’s SEC filings, press releases,
conference calls, and webcasts.
About Corning IncorporatedCorning
(www.corning.com) is one of the world's leading innovators in
materials science, with a 170-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramic science, and optical physics along with its deep
manufacturing and engineering capabilities to develop
category-defining products that transform industries and enhance
people's lives. Corning succeeds through sustained investment in
RD&E, a unique combination of material and process innovation,
and deep, trust-based relationships with customers who are global
leaders in their industries. Corning's capabilities are versatile
and synergistic, which allows the company to evolve to meet
changing market needs, while also helping our customers capture new
opportunities in dynamic industries. Today, Corning's markets
include optical communications, mobile consumer electronics,
display, automotive, and life sciences.
Corning Media Relations
Contacts:
Gabrielle
Bailey
(607)
684-4557
BaileyGR@corning.com
Amy
Washco
(828)
228-7320
WashcoA@corning.com
Investor Relations Contact: Ann H.S. Nicholson
(607) 974-6716 NicholsoAS@corning.com
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