A vial of Moderna coronavirus disease (COVID-19) booster vaccine targeting BA.4 and BA.5 Omicron subvariants is pictured at Skippack Pharmacy in Schwenksville, Pennsylvania, on September 8, 2022.
Hannah Beier | Reuters
Modern on Thursday lowered its 2022 sales guidance for its Covid-19 vaccine after missing Wall Street expectations for the third quarter.
The Boston biotech company said it now expects to post $18 billion to $19 billion in revenue from its Covid vaccine this year, down from its previous guidance of $21 billion. Moderna said some Covid vaccine shipments have been pushed into 2023 due to supply constraints.
Its stock fell 12% in premarket trading.
Moderna’s third-quarter revenue came in at $3.36 billion, down 32% from the same period in 2021. The company had net income of $1.04 billion for the quarter, down 68% year over year.
Here’s how the company fared compared to what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:
- Adjusted earnings: $2.53 per share versus an expected $3.29
- Income: $3.36 billion vs. $3.53 billion expected
The Covid vaccine is still Moderna’s only commercially available product. The company recently rolled out updated boosters targeting the omicron BA.5 variant in the US
Moderna recently announced a partnership with Merck to develop a personalized cancer vaccine, with data expected in the fourth quarter.
The company expects phase three efficacy data from its respiratory syncytial virus vaccine candidate this winter. It also expects phase three immune response data from its flu vaccine candidate in the first quarter of 2023.
This is a development story. Please check back for updates.