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Moderna’s shares are down 10% after COVID-19 vaccine revenue comes in lower than expected

Economy, Finance

Shares of Moderna Inc. tumbled 9.9% in premarket trading on Thursday after the company missed on sales of its COVID-19 vaccine in the third quarter of this year. Moderna had earnings of $3.3 billion, or $7.70 per share, in the third quarter of 2021. It had a loss of $233 million, or 59 cents per share, in the same quarter a year ago. The FactSet consensus was $9.09. (The company’s COVID-19 vaccine was not authorized until December of last year, and it remains Moderna’s first and only product to be given regulatory approval of any kind.) Moderna reported revenue of $4.9 billion for the quarter, up from $157 million in the same three months of last year. The FactSet consensus was $6.2 billion. Roughly $4.8 billion of those sales came from the company’s COVID-19 shot, the rest is attributed to grant and collaboration revenue. The company said it sold 208 million doses of its vaccine in the third quarter. Moderna said it expects its COVID-19 shot to generate between $15 billion and $18 billion in sales this year, and that estimate has been lowered because fewer doses are now set to be delivered this year and will instead be shipped in early 2022. Moderna this week said that the Food and Drug Administration is assessing the myocarditis risk in teens, and the safety review means the company’s applications for authorization among teens and children has been delayed. The company has already agreed to deliver $17 billion in doses next year; sales could be as high as $20 billion if exercise options are utilized. Moderna’s stock has rallied 231.1% so far this year, while the broader S&P 500 is up 24.1%.

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