Because the accounts of Moderna are not vaccinated
How Moderna is doing, what analysts predicted and why the American company's shares plummeted nearly 18% in the pre-market on Wall Street
There are those who go up and those who go down. Nasdaq-listed Moderna shares plunged 17.9% pre-market on Wall Street after a weaker-than-expected quarterly report. The US pharmaceutical company cut its Covid vaccine sales forecast for 2021 and disappointed third quarter earnings and revenue expectations. Here are all the details.
DISAPPOINTED FORECASTS
In the third quarter, the biotech recorded a turnover of 5 billion dollars (4.8 of which deriving from the marketing of its vaccine), lower than the forecasts of analysts who had estimated revenues of 6.2 billion dollars.
Net income stood at $ 3.3 billion. Earnings per share, excluding exceptional items, came in at $ 7.70, below market expectations of $ 9.05.
WHAT IS THE PROBLEM WITH VACCINES?
To justify this downward revision, Moderna specifically cited "delays in international shipments and exports that may slow deliveries in early 2022".
Some doses scheduled for delivery this year, in fact, have been moved to the beginning of 2022 due to difficulties in the supply chain, Cnbc reports . Stephane Bancel, CEO of Moderna, in a phone call with investors, said the company's supply chain has become "more complex", impacting international shipments of its vaccine.
But there would also be another reason. The pharmaceutical giant, in fact, added that it is giving priority to the United Nations Covax program to share vaccines with the poorest countries. “We have increased deliveries to many countries around the world,” Bancel said. “At the beginning of the year we only supplied a few large countries”.
FORECASTS FOR VACCINES
Moderna expects revenues of between 15 and 18 billion dollars from the sale of the vaccine compared to the 20 billion previously estimated.
In reporting third quarter figures, the company said it expects to deliver between 700-800 million doses over the course of the full year, down from its previous expectations of between 800 million and 1 billion doses. .
PFIZER REMAINS THE UNDISCUSSED LEADER
Moderna's findings also suggest Pfizer remains the undisputed leader in the Covid vaccine market, so much so that it has increased its serum sales prospects to $ 36 billion this year and $ 29 billion in 2022.
However, Moderna continues to have a strong financial position. The company expects to generate up to $ 22 billion in sales in 2022 and with more than $ 15 billion in cash reserve, Moderna has the capital it needs to fund its research and development program.
TROUBLE ON SIGHT FOR WHO PRODUCES VACCINES?
Another news that arrived yesterday is that the UK has approved molnupiravir, the anti-Covid pill produced by Merck in collaboration with Ridgeback Biotherapeutics. Excellent news for the global fight against the virus, but less so for vaccine manufacturers who may need to revise their predictions.
THE CEO'S COMMENT
"We are honored to have helped hundreds of millions of people around the world with our vaccine, but we know our work is not done," Bancel said in a statement. "And I am more motivated than ever by the impact our mRNA platform will have on human health."
Bancel added that the company is working to ensure the vaccine is available in low-income countries, providing them with about 10% of its volume in 2021, and a “significantly larger” volume next year.
THE COMMENT OF THE CFO
Moderna's chief financial officer David Meline also reported that the company is continuing to expand its manufacturing network and is "working to achieve quarter-by-quarter improvement starting in the fourth quarter."
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-i-conti-di-moderna-non-si-vaccinano/ on Fri, 05 Nov 2021 09:17:46 +0000.