Moderna shares drop due to COVID-19 vaccine demand worries.
Moderna Shares Slump Amid Concerns About COVID-19 Vaccine Demand
Shares of pharmaceutical company Moderna have slumped again amid concerns about COVID-19 vaccine demand in the United States.
Over the past five days, shares of the company dropped about 18 percent, while over the past month, the stock has decreased by 20 percent. For all of 2023, meanwhile, shares of Moderna have plummeted by 54 percent.
Notably, the Massachusetts-based firm was the worst-performing stock on the S&P 500 on Monday, according to multiple investment websites.
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It came after Moderna said in a regulatory filing that it expects 2023 sales of its vaccine to be between $6 billion and $8 billion, which was a reiteration of what it said in a second quarter earnings report. According to Reuters, that was a reaffirmation of a previous vaccine sales prediction, despite rival drugmaker Pfizer recently having slashed its COVID-19 vaccine sales due to lower demand
Biden Admin Pushing Vaccination
Pfizer last week said that it expects sales of its vaccine, which uses mRNA technology like Moderna’s COVID-19 shot, will be about $2 billion lower than its previously expected forecast due to lower-than-expected rates of people taking the vaccine.
Both Moderna’s and Pfizer’s latest bivalent COVID-19 booster was made available by U.S. federal regulators in September. However, according to data provided by the Department of Health and Human Services, the rollout appears to be relatively slow, with about 10 million people, or 3 percent of Americans, having taken the shot.
“The administration remains committed to pulling every lever at its disposal during the fall respiratory vaccination campaign, encouraging the American public to stay up to date on their vaccines to keep themselves and their loved ones safe,” a Department of Health and Human Services (HHS) spokesperson told The Epoch Times on Thursday. “As a result of these efforts, around 10 million Americans have been vaccinated since the updated vaccines were authorized, and recommended last month.”
HHS officials stated that they plan to keep distributing more doses of the vaccines. The HHS spokeswoman said the government isn’t concerned about possible waste.
“We haven’t heard of any concerns about ordering too many” or not enough children getting them, she said.
Prior data from HHS and the Centers for Disease Control and Prevention (CDC) has shown that about 17 percent of the U.S. population got previously updated vaccines, representing about 56.5 million people. A recent report from the CDC also shows that fewer pregnant women are getting vaccines, including COVID-19 boosters.
Winter Projections
Although there has been a drop in hospitalizations over several consecutive weeks, the CDC issued a report on Oct. 6 saying that COVID-19 remains a “public health threat” for older Americans and called on people again to get the updated COVID-19 booster vaccine. Older adults, it said, make up the majority of hospitalizations across the United States, although that has been consistent with historical trends.
The CDC has said the agency is expecting a “moderate COVID-19 wave” for the coming winter, claiming that the peak will match last winter’s hospitalization figures. “COVID-19 could peak earlier than last season, however, because of limited summer activity compared to past years,” the agency added in September.
“This increase could result from the emergence of a new COVID-19 variant with an increased ability to evade the body’s prior immunity, or from a severe influenza season combined with COVID-19 and RSV waves that are similar to last year, or, as we saw last year, an increase in RSV infections,” it said. “A key factor is the timing of the peak number of hospitalizations associated with each disease and whether those peaks coincide.”
Zachary Stieber contributed to this report.
How is the Biden administration working with vaccine manufacturers to ensure an adequate supply of vaccines?
Is working closely with vaccine manufacturers to ensure an adequate supply of vaccines is available to meet demand.
The decrease in Moderna’s stock can be attributed to concerns about COVID-19 vaccine demand in the United States. Moderna is one of the leading pharmaceutical companies involved in the development and production of COVID-19 vaccines. However, recent reports suggest that the demand for vaccines has been lower than anticipated.
According to a regulatory filing by Moderna, the company expects its vaccine sales for 2023 to be between $6 billion and $8 billion. This is consistent with its previous sales prediction. Despite rival drugmaker Pfizer recently slashing its COVID-19 vaccine sales forecast due to lower demand, Moderna has reaffirmed its sales forecast.
Pfizer, which also uses mRNA technology in its COVID-19 vaccine, recently reported that its vaccine sales will be about $2 billion lower than previously expected. This is due to lower-than-expected rates of people taking the vaccine. Both Moderna and Pfizer’s vaccines received approval from U.S. federal regulators in September for use as bivalent COVID-19 boosters.
However, the distribution and administration of these vaccines have been relatively slow. According to data provided by the Department of Health and Human Services, only about 10 million people, or 3 percent of Americans, have received the updated vaccines. The Biden administration is pushing for increased vaccination rates and has committed to utilizing all available resources to encourage the American public to stay up to date on their vaccines.
The Department of Health and Human Services has stated their intention to continue distributing more doses of the vaccines. They are working closely with vaccine manufacturers to ensure a steady supply. The government remains dedicated to the fall respiratory vaccination campaign and is focused on keeping Americans safe.
In conclusion, concerns about COVID-19 vaccine demand in the United States have led to a slump in Moderna’s stock. Despite reaffirming its sales forecast, the slow rollout and lower-than-expected vaccination rates have impacted the company’s performance. The Biden administration continues to prioritize vaccination efforts and is working closely with vaccine manufacturers to ensure an adequate supply of vaccines.
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