Shares of Moderna rose Thursday after the biotech company hiked its full-year outlook for its Covid vaccine, its only marketable product, despite reporting a quarterly loss and sharp drop in revenue.
But Moderna hopes to end the sales slump on strong demand for its updated Covid vaccine targeting the omicron subvariant XBB.1.5.
The forecast includes around $4 billion in previously announced Covid vaccine purchase agreements and $2 billion to $4 billion in "signed and anticipated" contracts in the U.S. and other markets.
Pfizer on Tuesday warned that Covid shot sales in the commercial market are uncertain, adding that vaccination rates will help the company better predict sales for 2023 and beyond.
ET, which will likely provide more updates on its upcoming Covid vaccine rollout and drug pipeline.
Persons:
Novavax haven't, Mandy Cohen
Organizations:
Moderna, Pfizer, Novavax, Food and Drug Administration, NPR, Merck
Locations:
U.S, Union, Massachusetts, Covid