Covid-19: Moderna faces shortages, falling demand

Covid-19: Moderna faces shortages, falling demand
Credit: Belga

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.

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