Moderna shares drop 20% as company lowers coronavirus vaccine forecast
US pharmaceutical firm expects to deliver 700-800 million doses in 2021
Moderna saw its stock price plummet almost 20% Thursday after the biotechnology company lowered its forecast for coronavirus vaccine sales in 2021.
The US pharmaceutical firm expects COVID-19 vaccine sales between $15 billion and $18 billion, down from an earlier estimate of $20 billion, according to a financial results statement.
The company said it expects to deliver between 700 million and 800 million doses this year – lower than an earlier forecast of 800 million to 1 billion doses.
While the company posted $3.33 billion in income in the third quarter, it had a revenue of $4.97 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," CEO Stéphane Bancel said in the statement.
He said the company wants to make its vaccine available in low-income countries with approximately 10% of its 2021 volume and more of its 2022 volume going to low-income countries.
Moderna's stock price fell as low as $278 per share on the Nasdaq -- a 19.6% decline before 1.50 p.m. EDT. Its previous close was $345.92.