Moderna misses Q3 expectations, net income dips 69%; defers vaccine sales

Sliding COVID-19 vaccine sales and rising expenses for Moderna combined to produce a third quarter that missed Wall Street expectations.

The vaccine developer also said on Thursday that it was dialling back its revenue expectations from advance purchase agreements for this year, as some sales will be deferred to 2023.

Moderna also said on Thursday that between USD 2 billion and USD 3 billion in vaccine sales will be deferred to next year, and the company now expects between USD 18 billion and USD 19 billion in revenue from advance purchase agreements this year.

That's down from the approximately USD 21 billion it forecast in August.

Company shares tumbled in early-morning trading.

The vaccine developer said its Spikevax vaccine brought in USD 3.12 billion in sales during the quarter, a 35 per cent drop compared to last year.

Moderna also scaled back expectations for COVID-19 vaccine deliveries in last year's third quarter due to supply issues. CEO Stephane Bancel said then that t