Home ›› 04 Nov 2021 ›› World Biz
Moderna Inc on Thursday cut its 2021 sales forecast for its Covid-19 vaccine by as much as $5b, as it struggles to ramp up production of its two-dose inoculation, sending its shares down 11 per cent in premarket trading.
The company said it was now expecting sales of between $15b and $18b from $20b estimated previously. Deliveries were pegged between 700m and 800m doses for the year, compared with its previous projections of 800m to1b doses in 2021.
The company cited longer lead times for international shipments, which may now shift some deliveries to 2022, and a temporary impact from the expansion of its bottling capacity for the vaccine.
Moderna had said in August it was "capacity constrained" for 2021 and that it had stopped taking orders this year.
Its production has lagged larger rival Pfizer Inc, which is expecting Covid-19 vaccine sales of $36b in 2021 and another $29b in 2022.
Earlier this year, Moderna flagged shortfalls in shots for Britain and Canada in the second quarter, citing an uneven production ramp-up.
Still, Moderna said its sales could be in the range of $17b to $22b next year as it signs deals with more countries for its vaccines and booster doses.
