Moderna warns of falling COVID-19 vaccine revenues
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Moderna’s shares sank 4% at the opening of trading after the company lowered its forecast for revenue from the COVID-19 vaccine, which is the main and almost the only source of income for the American company.
As noted in financial report for the third quarter of the year, revenue from the sale of the vaccine for the year is expected to be $18-19 billion. So far, the company had forecast revenue of $21 billion. at the beginning of 2023.
In addition, Moderna’s financial performance is noticeably declining compared to last year. Thus, the company’s revenue in the third quarter amounted to $3.36 billion – against $4.97 billion a year earlier. Analysts also predicted the receipt of revenue by the company in the amount of $ 3.53 billion. And net profit fell by more than three times – from $ 3.33 billion to $ 1 billion, this is also much worse than forecasts.
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