Waning demand for COVID vaccines has hit Moderna and Pfizer, which were previously earning tens of billions of dollars from their competing shots. Last month, Pfizer cut its financial guidance and revealed plans to lay off staff.
Moderna’s vaccine sales during the third quarter actually surpassed analyst expectations, and the biotech said its market share in the U.S. has increased to 45% compared to 36% in 2022.
But Moderna is anticipating sales for the year will come in at the low end of its previous guidance, based on the expectation at least 50 million COVID vaccine doses will be administered in the U.S. this fall.
