Moderna Inc (NASDAQ:MRNA) shares are continuing to trade lower Tuesday following Pfizer Inc’s (NYSE:PFE) warning about reduced Covid-19 product demand.
What Happened: Moderna shares closed Monday down 6.47% at $91.94 after Pfizer slashed its full-year 2023 sales outlook from a range of $67 billion to $70 billion to a new range of $58 billion to $61 billion.
Pfizer noted that the reduced forecast was solely due to waning demand for Covid-realted products, which caused shares of several Covid vaccine makers, including Moderna, to slide.
Despite the noted weakness from Pfizer, Moderna on Monday reaffirmed its “wide” $6 billion to $8 billion forecast for Covid vaccine sales for the year.
“Moderna remains comfortable that its guided wide range of $6 billion to $8 billion for anticipated revenues from sale of its COVID-19 vaccine for the full year 2023, as provided in its second quarter earnings release dated August 3, 2023, reflects the uncertainty of U.S. vaccination rates,” the company said in a new regulatory filing.
Moderna also noted that it believes it’s too early to accurately project where vaccination rates will land for the full year. The company said it will provide an update when it reports earnings on Nov. 2.
Check This Out: Analysts Divided Over Pfizer’s Outlook, Some See Positives Amid Negative Sentiment
MRNA Price Action: Moderna shares were down 1.49% at $90.57 at the time of writing, per Benzinga Pro.
Photo: Mufid Majnun from Pixabay.
