Moderna Misses Q3 Earnings Expectations
Nov 4, 2021 By MarketDepth
Moderna (NASDAQ: MRNS) shares tumbled over 16% after posting a third quarter earnings miss and cutting its Covid-19 vaccine sales forecast for 2021. According to the company, the delivery of several vaccine doses have been moved to early 2022 due to production setbacks.
Sales Outlook Down
Moderna is currently prioritizing deliveries to low-income countries amid COVAX as a means of sharing the coronavirus vaccine. It now anticipates vaccine sales to be anywhere from USD15 Billion and USD18 Billion within 2021, a fall from its previous outlook of USD20 Billion.
The pharmaceutical company reported earnings of USD7.70 per share, compared to the expected USD9.05 a share. Revenue amounted to USD4.97 Billion, much lower than analysts anticipated USD6.21 Billion.
“We are humbled to have helped hundreds of millions of people around the world with our COVID-19 vaccine and yet we know our work is not done.”Moderna CEO Stephane Bancel
Bancel went on to say that Moderna is focused on providing the vaccine to low-income countries by distributing about 10% of this year’s volume to them, as well as even more volume in the coming year.
“We’ve increased deliveries to many countries around the world. At the beginning of the year, we supplied to just a few large countries.”Moderna CEO Stephane Bancel
Aside from supply chain disruptions, the company simultaneously experienced delivery issues amid production delays. According to Chief Financial Officer David Meline, Moderna remains on track to ramp up its production network.
“We have expanded our capacity with our manufacturing partners, which had the temporary impact on our shipments. That work is complete now and we should see a positive impact from this expansion very soon.”Moderna CEO Stephane Bancel