Home Commercial trading Moderna Stock dips as vaccine sales, profits and forecast missed

Moderna Stock dips as vaccine sales, profits and forecast missed

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Moderna Covid-19 vaccine vials.

Guillaume Souvant / AFP via Getty Images


Moderna

Shares plunged 12.3% in pre-market trading on Thursday after sales of the company’s Covid-19 vaccine were more than $ 1 billion below Wall Street analysts’ estimates.

The company reported total revenue of $ 5 billion for the third quarter of the year, 20% lower than FactSet analysts’ consensus estimate of $ 6.2 billion. Spikevax,


Moderna

‘s (ticker: MRNA) Covid-19 vaccine, is the company’s only product.

The report comes two days later


Pfizer

(PFE) said it sold $ 13 billion of its Covid-19 vaccine in the third quarter, beating FactSet analysts’ consensus estimate of $ 10.9 billion.

Moderna disappointment in third quarter cements more


Pfizer

as a dominant player in the Covid-19 vaccine market in the United States and Europe. Pfizer said on Tuesday that its share of the Covid-19 vaccine market in the United States was now 75%, up from 56% in April.

Pfizer has secured the first clearances for Covid-19 recalls, and the vaccination of adolescents and children. While Moderna’s recall is now authorized, that of Pfizer remains the only vaccine available in the United States for those under the age of 18.

“We will not rest until our vaccine is available to all who need it, and we are working hard to ensure that our vaccine is available in low-income countries with around 10% of our 2021 volume and much more of our declining 2022 volume. -income countries, ”Moderna CEO Stéphane Bancel said in a statement. “It is promising to see real-world evidence showing that the Moderna COVID-19 vaccine shows durably high and lasting efficacy. “

Moderna reported diluted earnings of $ 7.70 per share, well below S&P Capital IQ Consensus estimate of $ 9.42. The company reported net profit of $ 3.3 billion.

Moderna is now forecasting sales of between $ 15 billion and $ 18 billion this year, down from its previous estimate of $ 20 billion. The company attributed the decline to the postponement of some deliveries to early 2022 and the “prioritization of deliveries to low-income countries.” He said he plans to deliver between 700 million and 800 million doses of the Covid-19 vaccine this year.

Moderna shares are up 231.1% so far this year at market close on Wednesday and 383.9% in the past 12 months.

The company highlighted its wide array of pipeline programs in its reporting of its results, although investor attention is likely to be on the inadequacies of the results.

Moderna said it has signed purchase agreements worth $ 17 billion for the delivery of its Covid-19 vaccine in 2022. It also said it expects booster sales of up to $ 2 billion. dollars in the shopping market next fall. So far, all sales of Covid-19 vaccines have been made to governments; there is currently no commercial market for the Covid-19 vaccine.

The company said it projects sales of between $ 17 billion and $ 22 billion in 2022, in line with FactSet’s consensus estimate of $ 21.4 billion.

Also on Thursday, Moderna announced that the Food and Drug Administration has granted priority review status to its full approval application for Spikevax as part of an FDA program that expedites review of an application. The company said the FDA will aim to decide on full approval of the vaccine by April.

Moderna also announced the first data from a Phase 2/3 study of the Covid-19 vaccine in children aged 6 to 11. The company said that two weeks after a single dose of the vaccine, the efficacy against symptomatic disease was 100%, while the efficacy against asymptomatic infection was 65%. Details on the data were scarce.

On Tuesday, the Centers for Disease Control and Prevention recommended a pediatric formulation of Pfizer’s vaccine for use in children ages 6 to 11, kicking off a rollout that will be fully launched next week. Moderna’s vaccine remains available only to adults 18 years of age and older.

On Sunday, the company said the FDA told it on Friday it needed more time to assess its emergency use authorization application for its Covid-19 vaccine in adolescents aged 12 to 17. , as she assessed new data on the risk of myocarditis after vaccination. with messenger RNA vaccines.

The FDA’s review of the myocarditis data won’t be complete until January, Moderna said.

An investor conference call is scheduled for 8:00 a.m. Eastern Time.

Write to Josh Nathan-Kazis at [email protected]


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