Moderna cuts COVID-19 vaccine sales forecast

Production problems are plaguing Moderna. The drugmaker on Thursday slashed its 2021 forecasts for sales and deliveries of its COVID-19 vaccine. It once projected sales of $20 billion, but now sees a sharply lower figure of between $15 to $18 billion.

The company put the blame on a temporary impact from the expansion of its bottling capacity and longer lead times for international shipments. Moderna had warned three months ago that its capacity was “constrained” and that it had stopped taking orders this year.

It said it now expects to deliver up to 800 million of its two-dose vaccines this year, down from its prior forecast of as much as 1 billion.

Moderna continues to fall further behind rival Pfizer, which just this week hiked its sales forecast for its shot to $36 billion -- roughly double that of Moderna’s revised target.

In the latest quarter, Moderna’s COVID-19 vaccine sales amounted to $4.8 billion, falling short of analysts estimates.

The latest development disappointed investors, who drove Moderna shares sharply lower at the market open Thursday.

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