Moderna confirms COVID sales guidance as shares sink on Pfizer news

By Eleanor Laise

Company sees full-year COVID sales of $6 billion to $8 billion but says size of U.S. market is still uncertain

With its shares under pressure due to revised COVID guidance from Pfizer Inc. (PFE), Moderna Inc. (MRNA) on Monday said it "remains comfortable" with its existing guidance on full-year 2023 COVID-19 sales.

Moderna reiterated that full-year COVID vaccines sales are expected to be in the range of $6 billion to $8 billion, guidance previously provided in its August earnings release.

The company also sounded a note of caution, saying in a statement Monday that "it is still too early in the U.S. vaccination season to accurately project where vaccination rates will land for the full year."

Moderna expects to have a better picture of the expected U.S. market size at the end of October, the company said, and will provide an update when it reports quarterly results Nov. 2.

Pfizer's announcement Friday that it was slashing its full-year outlook due to lower expected COVID-19 sales weighed on shares of vaccine makers Monday. Moderna shares fell 4% Monday morning, while Novavax (NVAX) stock fell 0.4%, and BioNTech's American depositary receipts (BNTX) fell 6.7%, while Pfizer shares gained 3% after a steep drop Friday.

-Eleanor Laise

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10-16-23 0937ET

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