Moderna Therapeutics’ stock plummeted Monday after the biotech company slashed its sales outlook for 2024 and 2025, citing reduced growth prospects. The company now projects $3 billion to $3.1 billion in sales for 2024, down from its previous call of $3 billion to $3.5 billion.
Moderna’s two main products, Spikevax and mResvia, saw their sales projections significantly cut. The company expects $1.5 billion to $2.5 billion in sales for 2025, below its prior view of $2.5 billion to $3.5 billion.
The stock dropped 16.8%, closing at 35.15. An independent data and safety monitoring board also announced that Moderna’s experimental CMV shot showed no early effectiveness in a Phase 3 study, meaning the company must continue testing the vaccine.
Analysts from William Blair, RBC Capital Markets, and Leerink Partners offered mixed views on the news. While Moderna’s pipeline updates were largely positive, with an expected approval decision for its next-generation Covid vaccine in late May, there are concerns about the company’s growth prospects.
Despite this, analysts remain bullish on Moderna’s cancer vaccine platform and expect it to have long-term potential. However, they cut their price targets due to short-term headwinds, including reduced sales growth in 2025.
Source: https://www.investors.com/news/technology/moderna-stock-crashes-2024-2025-guidance