Moderna may be riding a wave with third quarter earnings report higher than expected, but all the same, it’s still posting losses to the tune of a 15% plunge.
The company is blaming a stockpile of unused COVID vaccines and consumer lack of interest in the shots for the downturn and is projecting lower returns for 2024. So far, the losses per share are $9.53, with $43 billion less in return than expected.
According to CNBC, Moderna’s stock is down more than 57% overall for the year. They expect to compensate by reducing COVID shot manufacturing capacity and other cost-saving measures. It also will concentrate more on the 15 other products it has in the pipeline, some of which are expected to emerge in the next couple years, including a combination COVID/flu vaccine in 2025.
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Publish Date: 2023-11-02 15:02:15