Many pharmaceutical companies are scrambling to meet the COVID vaccine demand, especially with the infection rate picking up again, the death toll slowly climbing, and U.S. presidential election drawing nearer. Moderna (NASDAQ: MRNA) and Pfizer (NYSE: PFE)/BioNTech's (NASDAQ: BNTX) are both on track to be approved for emergency use by December, while AstraZeneca (NASDAQ: AZN) and Johnson & Johnson's (NYSE: JNJ) is also expected to have a viable vaccine by the end of the year. While these companies work towards a vaccine, an entirely different kind of competition is going down in every office and home.
Quarantine and work-from-home models of office work spread as fast as the pandemic, but it looks like the hybrid work model will outlast the virus. According to a quote from Bill Conerly in Seeking Alpha, "business have learned that their employees can work remotely," something Millennials have been trying to prove since they entered the work force. Now, there is definitive proof that jobs that once required an office and face-to-face interactions can be done with Zoom (NASDAQ: ZM) and an internet connection. The only question is where does that leave companies that rely on office space and commuters to make their bottom line.
Spaces like WeWork have suffered a heavy loss, but according to their Executive Chairman Marcelo Claure in a live tech conference with The Wall Street Journal, the company is expecting to see a profitable quarter in 2021 as they shift from permanent offices to rented or part-time offices. Before the pandemic, they were reportedly at 80% to 85% occupancy in their buildings. In order to turn a profit, they need to exceed 68%. With spaces being allowed to open again and reduced capacity at indoor spaces, this should be doable for the company. As big companies like Facebook (NASDAQ: FB) and Twitter (NYSE: TWTR) make this shift, it's likely we will see smaller companies making similar moves.
Ride-sharing companies like Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) have also seen a sharp shift in their numbers. People staying home, working from home, and unable to go out after work has seriously reduced the work available in the gig job. However as the country continues to isolate, people are starting to crave interaction. With some places starting to open and limited capacity being allowed at social spots, ride sharing is starting to pick up again. As part time office spaces start to open up as well, commuters will also be returning to the industry.