COVID vaccine maker unwinds pandemic-era manufacturing capacity as it aims to break even in 2026
Moderna Inc. on Thursday reported a much wider-than-expected third quarter loss and reined in its full-year sales outlook as it resizes its pandemic-era manufacturing capacity and aims to break even in 2026.
The company said it now expects full-year 2023 revenues of at least $6 billion, whereas it previously forecasted a range of $6 billion to $8 billion. Next year’s revenues are expected to dip even lower, to about $4 billion, before a return to growth in 2025, Moderna said Thursday. Sales of Moderna’s COVID vaccine totaled $1.8 billion in the quarter, with about half of that in the U.S. The company said U.S. market share for its Spikevax vaccine has climbed to 45% this fall season, from 36% during the fall 2022 vaccination season. Moderna now expects this year’s vaccination rate to be similar to last fall, CEO Stephane Bancel said in a statement.
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