Moderna shares fell by more than 17 percent in early trading Thursday after the company slashed its COVID-19 vaccine sales forecast for 2021 by …
Moderna shares fell by more than 17 percent in early trading Thursday after the company slashed its COVID-19 vaccine sales forecast for 2021 by up to $5 billion and announced lower-than-expected third-quarter revenues and profits. In an earnings announcement ( pdf), released Nov.4, Moderna reported total third-quarter revenue of $5 billion. While that was well above the $157 million in revenues in the comparable quarter a year ago, it missed analysts’ predictions of $6 billion. The company also announced a third-quarter profit of $3.3 billion and diluted earnings per share (EPS) of $7.70, against analysts’ forecasts of $8.99. Moderna also cut its sales forecast for its COVID-19 vaccine for the year from a previous $20 billion to between $15 billion and $18 billion, blaming supply chain issues. The company said longer delivery lead times for international shipments could push some 2021 deliveries into next year, while also noting a temporary supply-side impact as it sought to expand bottling capacity.
