Moderna stock falls as sinking Covid vaccine demand drives steep loss
Publishing timestamp: 2023-11-02 10:00:39
Summary
Moderna reported a loss for the third quarter due to unused doses of its Covid vaccine and plans to scale back production. However, its total revenue surpassed expectations. The company's outlook for next year is lower than analysts' projections. Moderna is focusing on resizing its manufacturing capacity to make its Covid vaccine profitable in 2024 and beyond. The company is also developing new vaccines for respiratory diseases and other conditions.
Sentiment: MIXED
Tickers: MRNA, PFE, NVAX, MRK,
Keywords: covid-19, health care industry, breaking news: earnings, business news, breaking news, moderna inc, pfizer inc, biotech and pharmaceuticals, business, breaking news: business, biotechnology, novavax inc, earnings, pharmaceuticals,
Source: https://www.cnbc.com/2023/11/02/moderna-mrna-q3-earnings-report-2023.html