Moderna 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 book $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 deliveries have been pushed into 2023 due to supply constraints.
Its stock was down 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 booked net income of $1.04 billion for the quarter, down 68% year over year.
Here’s how the company performed compared with what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:
- Adjusted earnings: $2.53 per share vs. $3.29 expected
- Revenue: $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 that target the omicron BA.5 variant in the U.S.
Moderna did recently announce a partnership with Merck to develop a personalized cancer vaccine with data expected in the fourth quarter.
The company is expecting phase three efficacy data from its respiratory syncytial virus vaccine candidate this winter. It is also expecting phase three immune response data from its flu vaccine candidate in the first quarter of 2023.
This is a developing story. Please check back for updates.