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HomeMarketModerna shares tumble after cutting sales forecast for COVID vaccine By Reuters

Moderna shares tumble after cutting sales forecast for COVID vaccine By Reuters

© Reuters. FILE PHOTO: Moderna logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration
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(Reuters) – Moderna (NASDAQ:) Inc on Thursday cut the annual sales forecast for its COVID-19 vaccine citing short-term supply constraints that would push some vaccine deliveries out to next year, sending its shares down 15% before the bell.

The vaccine maker reported sales of $3.36 billion in the third quarter, missing Wall Street estimates of $3.53 billion. It also did not disclose further details on the supply issues.

Sales for COVID-19 shots are down from pandemic highs as countries near the end of their primary vaccination campaigns, leading to low market expectations for sales this year.

Moderna’s forecast cut comes just two days after rival Pfizer Inc (NYSE:)’s quarterly sales of its COVID-19 vaccine beat estimates and the drugmaker raised its full-year sales forecast for its shots.

Moderna now expects 2022 COVID-19 vaccine sales of $18 billion and $19 billion from $21 billion.

Story Credit: investing.com

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