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Moderna Stock Tumbles After Q3 Earnings Miss, 2021 COVID Vaccine Sales Cut

Moderna, struggling with vaccine production challenges, cut is 2021 sales forecast for mRNA-1273 to between $15 billion and $18 billion following weaker-than-expected third quarter earnings.

Moderna  (MRNA) - Get Moderna, Inc. Report posted weaker-than-expected third quarter earnings Thursday, and cut its full-year forecast for COVID vaccine sales, amid a 'complex' supply chain that hit production and international deliveries. 

Moderna posted diluted GAAP earnings of $7.70 per share for the three months ending in September, up from a loss of 59 cents per share loss for the same period last year but well shy of the Street consensus forecast of $9.05 per share. Group revenues also missed analysts' estimates, coming in at $4.969 billion -- against analysts' estimates of a $6.2 billion tally. 

Looking into the final months of the year, Moderna said it sees sales of its mRNA-1273 coronavirus vaccine in the region of $15 billion to $18 billion, down from its prior forecast of $20 billion based on signed contracts, amid broader production challenges. Sales for the 2022 fiscal year, Moderna said, would likely be within $17 billion to $20 billion.

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“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,: said CEO Stéphane Bancel. "We will not rest until our vaccine is available to anyone who needs it, and we are working hard to ensure our vaccine is available in low-income countries with approximately 10% of our 2021 volume and significantly more of our 2022 volume going to low-income countries."

“Looking ahead, we are focused on advancing the many other programs in our pipeline. We recently dosed the first participants in the Phase 3 study of our CMV vaccine," he added. "CMV is a latent virus that remains in the body for life after infection and can lead to lifelong medical conditions. We are also focused on addressing respiratory viruses in addition to COVID-19, including seasonal flu and RSV."

Moderna shares were marked 17.2% lower in  early trading following the earnings release to change hands at $285.80 each, a move that would still leave the stock with a year-to-date gain of 173.2%.