Moderna forecasts weaker sales as COVID vaccine demand wanes – GLOBAL

November 2, 2023

Moderna said on Thursday 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.

The vaccine maker also pushed back the launch date of its flu shot, which it had previously said it expected to be available in 2024, into 2025.

Concerns around waning demand for COVID vaccines has led to a nearly 58 per cent drop in the company’s shares this year. The stock is now less than a fifth of the record high hit during the peak of the pandemic two years ago.

Moderna said the $6 billion 2023 revenue forecast was based on the expectation that at least 50 million COVID-19 vaccines would be administered in the United States. Moderna’s COVID-19
vaccine is its lone marketed product and the company had earlier forecast revenue of $6 billion to $8 billion.

Read more: https://globalnews.ca/news/10065939/moderna-stock-earnings-covid-nov-2-2023/