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