Moderna Inc. (NASDAQ:MRNA) shares went for something of a drop Thursday, after it cut its COVID-19 vaccine sales forecast for the year and missed earnings and revenue expectations for the third quarter.
The company said some doses for delivery this year have been shifted to early 2022 amid production issues and as it prioritizes deliveries to low-income countries through COVAX, the U.N.-backed effort to share coronavirus vaccines. It now expects Covid vaccine sales of between $15 billion and $18 billion this year, down from an earlier projection of $20 billion.
In releasing its third-quarter earnings, Moderna said it is now expecting to deliver between 700 million and 800 million doses this year, down from its previous expectations of between 800 million and one billion doses. The company also said it projects sales of $17 billion to $22 billion in 2022.
By comparison, Pfizer (NYSE:PFE) has said it expects COVID vaccine sales of $36 billion this year and $29 billion in 2022.
Back to Moderna, it reported Earnings per Share of $7.70 per share versus $9.05 per share expected. Revenue came in at $4.97 billion versus $6.21 billion expected
Said CEO Stephane Bancel, "We are humbled to have helped hundreds of millions of people around the world with our COVID-19 vaccine and yet we know our work is not done."
He said the company is working to ensure the vaccine is available in low-income countries by providing approximately 10% of its 2021 volume to them, and "significantly more" volume next year.
MRNA shares stumbled $56.85, or 16.4%, to $289.07.
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