Moderna misses on 3Q, shaves 2022 vaccine expectations

Supply problems have again forced Moderna to delay some COVID-19 vaccine deliveries, a move that surprised Wall Street and contributed to a disappointing third quarter.

The vaccine developer said Thursday that short-term issues prompted it to shift some deliveries initially planned for this year into 2023. It now expects 2022 revenue from advance purchase agreements to be as much as $3 billion lower than what it had forecast in August.

CEO Stephane Bancel told analysts on a call to discuss the quarter that the company was dealing with complex manufacturing issues. They included switching from 10-dose vials to five doses, the launch of a new booster and providing two different boosters globally.

He said the company was working on some “robust fixes” so it would be in better shape for end-of-the-year production next fall.

“We’ve had quite a number of pain points,” Bancel said.

Last year, Moderna also scaled back expectations for COVID-19 vaccine deliveries in the third quarter due to supply issues. Bancel said then that the problems were short-term and can be fixed.

On Thursday, the company said it now expects between $18 billion and $19 billion in revenue from advance purchase agreements this year. That’s down from the approximately $21 billion it forecast in August.

That shift was unexpected, Cowen analyst Tyler Van Buren said in a research note. He added that the company’s $4.5 billion to $5.5 billion in confirmed advanced purchase agreements for 2023 also was well below average Wall Street expectations.

Company leaders said on the call with analysts that the 2023 range was a floor. They expect to add more contracts.

Moderna’s Spikevax is the company’s main source of revenue, outside of grants and money from collaborations. Vaccine sales slid 35% in the recently...