Moderna expects as much as $8 billion in gross sales of COVID vaccines for 2023 on non-public market hopes

Written by Leroy Liu and Patrick Wingrove

(Reuters) – Moderna Inc on Thursday raised its annual forecast for COVID-19 vaccine gross sales to $8 billion in hopes of boosting the autumn season as gross sales transfer to the non-public market in america from authorities contracts, sending its shares. Up 6% in pre-market buying and selling.

COVID vaccine makers Moderna and Pfizer are pinning their hopes on non-public market gross sales and powerful demand for his or her new, up to date photographs concentrating on the XBB.

Moderna expects gross sales of $6 billion to $8 billion of its COVID photographs this yr, up from its earlier forecast of $5 billion, pushed by potential U.S. demand for 50 to 100 million doses within the fall season.

The corporate sees between $2 billion and $4 billion in vaccine gross sales from business contracts in america and elsewhere. Nonetheless, it mentioned $1 billion of the $5 billion complete in gross sales from authorities contracts signed can be deferred to subsequent yr.

Pfizer warned Tuesday that gross sales of its COVID vaccines are unsure, including that COVID vaccination charges this fall needs to be a superb indicator of annual charges. Gross sales of Pfizer’s COVID-19 vaccine fell 83% within the second quarter.

For Moderna, gross sales of COVID vaccines within the second quarter fell 94% to $293 million, which was nonetheless above analysts’ median estimate of $233.6 million, in response to Refinitiv knowledge.

It posted a web lack of $3.62 per share, narrower than the common analyst estimate for a lack of $4.04.

Moderna’s quarterly financials had been impacted by $674 million in stock writedowns and different expenses, pushed by a shift in product demand to the up to date COVID dose in addition to a decline in buyer demand.

(Reporting by Leroy Liu in Bengaluru and Patrick Wingrove in New York; Enhancing by Shinjini Ganguly)