CAMBRIDGE: Moderna said today that its 2023 sales would only hit the low end of its previous forecast, reflecting weaker demand for Covid-19 vaccines, and its shares plummeted over 16% in early trade.
Moderna said the US$6 billion 2023 revenue forecast was based on the expectation that at least 50 million Covid-19 vaccines would be administered in the US. Moderna’s Covid-19 vaccine is its lone marketed product and the company had earlier forecast revenue of US$6 billion to US$8 billion. So far, more than 15 million people in the US have received an updated Covid-19 shot, including Pfizer’s rival vaccine, according to the Department of Health and Human Services, compared to around 23 million by this time in last year’s campaign, which started 10 days earlier.
The per-share loss of US$9.53 was much bigger than expectations of a US$1.93 loss, according to London Stock Exchange Group data.
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