Moderna forecasts up to US$8 billion in Covid vaccine sales on private market hopes
MODERNA on Thursday (Aug 3) raised its annual forecast for Covid-19 vaccine sales to up to US$8 billion on hopes of a boost in the autumn as sales move to a private market in the United States from government contracts, sending its shares up 6 per cent in pre-market trading.
Covid vaccine makers Moderna and Pfizer are pinning their hopes on private markets sales and strong demand for their new updated shots targeting the XBB.1.5 variant, to turn around a slump in sales of the products that had bumper growth during the peak of the pandemic.
Moderna expects US$6 billion to US$8 billion in sales from its Covid shots this year, up from its previous forecast of US$5 billion, driven by potential US demand for 50 million to 100 million doses in the autumn.
The company sees between US$2 billion and US$4 billion in vaccine sales from commercial contracts in the US and other places. However, it said US$1 billion of a total US$5 billion in sales from signed government contracts would be deferred to next year.
Pfizer on Tuesday warned that sales of Covid vaccines were uncertain, adding that vaccination rates this autumn should be a good predictor for annual rates. Sales of Pfizer’s Covid-19 vaccine fell 83 per cent in the second quarter.
For Moderna, second-quarter Covid vaccine sales slumped 94 per cent to US$293 million, which was still higher than analysts’ average estimate of US$233.6 million, according to Refinitiv data.
It reported a net loss of US$3.62 per share, narrower than analysts’ average estimate of a US$4.04 loss.
Moderna’s quarterly financials were hurt by inventory write-downs and other charges worth US$674 million, driven by a shift in product demand to the updated Covid shot as well as a decline in customer demand. REUTERS
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