Moderna tumbles 17% after cutting 2021 vaccine-sales forecast and badly missing earnings

• Moderna fell as much as 17% on Thursday after cutting its 2021 vaccine-sales forecast.
• The company also reported quarterly sales and profit that badly missed estimates.

Moderna plunged as much as 17% on Thursday after the company cut its 2021 vaccine-sales forecast. It also lowered its forecast for vaccine production.

The drugmaker now sees vaccine sales for 2021 landing between $15 billion and $18 billion, down from the previously stated $20 billion.

The development came as Moderna reported third-quarter earnings that badly missed estimates. The company saw revenue of $4.97 billion and diluted earnings per share of $7.70, well below expectations on both counts.

Moderna now anticipates full-year production between 700 million and 800 million doses, a downgrade from the previous range of 800 million to 1 billion.

The pharma giant has seen steep share gains since the start of the COVID-19 pandemic, though this latest hiccup sets Moderna back from its rivals as companies race to secure orders for booster shots in 2022. Pfizer this week raised its 2021 forecast for Covid-19 vaccine sales to $36 billion, approximately doubling Moderna's projection.

Despite the earnings miss, Moderna's vaccine is set to be one of the top selling drug products next year. It has $17 billion of signed vaccine orders for 2022, and it's vaccine trial for children ages 6 to 11 showed 100% effectiveness two weeks after the first dose.

Additionally, Moderna said its board of directors authorized a share buyback program of up to $1 billion over a two-year stretch.