The pharmaceutical company Moderna lowered its sales forecast for the coronavirus vaccine. After this news, investors began to sell shares en masse.
The biotech company’s stock fell more than 12%. On the NASDAQ exchange at 07:00 L.A., Moderna’s stock price was hovering around $300. The collapse in quotations came after the release of the financial report for the third quarter of this year. The updated sales forecast was under $18 billion, $2 billion less than the previously forecast figure. The expected number of vaccine doses to be delivered in 2021 also decreased from 0.8-1 billion to 0.7-0.8 billion.
Moderna’s revenue in the past three months was $5 billion. The company earned $157 million in the same period last year, according to the vaccine manufacturer’s financial report.
Quarterly sales of the COVID-19 drug reached 208 million doses. Company officials note that deliveries in 2022 may be delayed because of the tight timeline for current orders. Moderna expects revenue of more than $20 billion next year.