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(Adds past forecasts in paragraph 4, movements in paragraph 5)
By Patrick Wingrove
Nov 2 (Reuters) – Moderna said on Thursday it expects profits of at least $6 billion for 2023, tempering its forecast to reflect weaker demand for COVID-19 vaccines, but added that it would return to expanding sales in 2025 and cover expenses. the following year.
The company posted profit of $1. 8 billion in the third quarter, beating analysts’ estimates of $1. 32 billion, according to LSEG data. Moderna’s COVID-19 vaccine is their advertised product.
About $900 million of its quarterly profit came from the U. S. and $800 million from sales.
Moderna said the $6 billion profit forecast for 2023 was based on the expectation that at least 50 million COVID-19 vaccines would be administered in the U. S. U. S. This figure is at the lower end of its previous forecast of $6 billion to $8 billion.
The company’s shares fell only about 1% in choppy premarket trading.
So far, according to the Department of Health and Human Services, more than 15 million people in the U. S. have been living in the U. S. The U. S. has won an updated COVID-19 vaccine, adding Pfizer’s rival vaccine, compared to about 23 million at the same time last year. campaign of the year, which started 10 days earlier.
The Cambridge, Massachusetts-based company said it expects $4 billion in revenue next year from sales of its COVID-19 vaccine, called Spikevax, and its respiratory syncytial virus (RSV) vaccine, which is still approved but slated for release in 2024. about the positive knowledge of a complex trial.
Analysts estimate that sales of Moderna’s new RSV and flu vaccines, which have not yet been approved, in 2024 will amount to more than $100 million, according to LSEG data.
Moderna’s sales expansion expectations for 2025 are based on expected earnings from those vaccines, as well as its upcoming COVID flu combination vaccine, Chief Financial Officer Jamey Mock said in an interview.
“We think 2024 is the low point and we present some elements of that. We’ll launch two or three more new products in 2025 and we’ll launch the RSV in 2024, and it will continue to grow after that,” he said. saying.
The vaccine maker said it also increased its long-term selling prices by cutting its external production capacity, but the restructuring contributed to a net loss of $3. 6 billion in the third quarter, mostly due to $3. 1 billion in non-cash fees similar to those on the right. – Sizing and restructuring. Tax depreciation.
Spikevax’s share of the U. S. market increased from 36% in 2022 to 45%, according to Moderna.
Wall Street has been skeptical about the general uptake of COVID-19 vaccines this fall and Moderna’s ability to meet its minimum sales forecast of $2 billion for the advertising market, Jefferies analyst Michael Yee said in a recent note.
Yee said he expects the number of COVID vaccines administered in the U. S. to increase in the number of COVID vaccines. The U. S. is expected to reach between 35 million and 40 million, more than the minimum of 50 million doses that Moderna has planned. (Reporting by Patrick Wingrove in New York and Leroy Leo in Bengaluru; editing by Leslie Adler)