Moderna has had to lower sales targets for its Covid-19 vaccine after a surprisingly weak third quarter, the pharmaceutical company announced on Thursday.
It also said some deliveries would be delayed until 2023 due to shortages.
Moderna now estimates that sales from pre-arranged orders for its Covid-19 vaccine will reach about $18-19 billion in 2022, down from a previous estimate of $21 billion. Sales figures could weaken further in 2023.
Currently, Moderna only has signed contracts worth $4.5-5.5 billion, including $3 billion in deferred deliveries. It expects additional deliveries to its key markets.
The biotech company’s third-quarter revenue fell by more than a third to $3.1 billion, while profit was $1.04 billion.
These results were well below analysts’ expectations.