Pfizer Inc Chief Executive Albert Bourla said on Monday that moving toward a redesigned COVID-19 vaccine that is specifically targeted to combat the omicron variant of the coronavirus is the "most likely scenario."

Speaking at the J.P. Morgan Healthcare Conference, Bourla said Pfizer and partner BioNTech SE are working on both an omicron-targeted vaccine variant as well as a shot that would include both the previous vaccine as well as vaccine targeted at the omicron variant.

Bourla said the company could be ready to file for approval for a redesigned vaccine and start producing it as soon as March.