Pharmaceutical company Moderna (NASDAQ:MRNA) released a short statement Monday, aiming to ease worries regarding sales of its Coivd vaccine.
The company's share price dropped Monday after larger rival Pfizer (NYSE:PFE) slashed its 2023 revenue projection by $9 billion late Friday.
Pfizer cut its full-year forecast for sales of its antiviral COVID treatment Paxlovid by about $7B, resulting in shares of other vaccine makers, such as Moderna, falling. MRNA shares are down more than 6%.
However, Moderna said Monday that it "remains comfortable" with its guided wide range of $6B to $8B for anticipated revenues from the sale of its COVID-19 vaccine for the full year 2023.
The company believes the guidance adequately reflects the uncertainty of U.S. vaccination rates.
"As noted previously, if the U.S. market for COVID-19 vaccines is approximately 50 million administered doses, Moderna still expects to be in the bottom half of the disclosed range; if the U.S. market is approximately 100 million administered doses, Moderna still expects to be in the top half of the disclosed range," the Massachusetts-based company explained.
However, they believe it is still too early in the U.S. vaccination season to accurately project where vaccination rates will land for the full year and anticipate it will have improved visibility about the expected U.S. market size after seeing full vaccination trends through October 2023.