Moderna’s sign is seen outside their headquarters in Cambridge, MA on March 11, 2021.
Boston Globe | Getty Images
Moderna’s shares fell more than 11% on Thursday after it cut its sales of Covid-19 vaccine forecasts for the year and missed gains and earnings for the third quarter.
The company said some doses for delivery this year have been changed to early 2022 as it prioritizes deliveries to poor countries through COVAX, the UN-backed effort to share coronavirus vaccines. It now expects sales of a Covid vaccine between $ 15 billion and $ 18 billion from $ 20 billion this year.
Releasing its three-quarter revenue, Moderna said it now expects to deliver between 700 million and 800 million doses this year, less than its previous expectations of between 800 million and 1 billion doses. The company also said it expects sales of $ 17 billion to $ 22 billion in 2022.
By comparison, Pfizer said it expects sales of $ 36 billion worth of vaccines this year and $ 29 billion in 2022.
Here’s how Moderna did compared to what Wall Street expected, according to average estimates compiled by Refinitiv:
- EPS: $ 7.70 per share versus $ 9.05 per share expected
- Revenue: $ 4.97 billion versus $ 6.21 billion expected
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