Moderna Stock Surged as It Expects COVID Vaccine Sales of $5 Billion in 2023, Down From $18 Billion in 2022

Moderna Stock

Moderna Stock (NASDAQ:MRNA)

On Monday, Moderna (NASDAQ:MRNA) projected that its COVID-19 vaccine will bring in sales of approximately $18.4 billion in 2022. The company also reaffirmed that the expected minimum sales of COVID vaccines in 2023 will be approximately $5 billion. These projections were based on confirmed agreements and contract deferrals from the previous year.

“We approach 2023 in a wonderful position,” said Chief Executive Stéphane Bancel in advance of providing an update at the J.P. Morgan Healthcare Conference today. “We have considerable momentum throughout our clinical pipeline, a highly energized staff, and a robust financial sheet of over $18 billion in cash and cash equivalents.”

As vaccine initiatives for melanoma and respiratory syncytial virus gather speed, the business has increased its research and development spending for 2023 to $4.5 billion, up from about $3.3 billion (unaudited) in 2022. Bancel continued, “2023 will be a fascinating year for both Moderna and, more importantly, for patients.”

Moderna and Merck, the company’s partner for developing a tailored cancer vaccine, plans to commence a Phase 3 trial aimed at melanoma to expand the program to target other tumor indications in the future.

Additionally, the business has recruited over 36,600 patients in the key Phase 3 study for the RSV vaccine (mRNA-1345) in older people. This experiment is being conducted in older adults. The clinical study has already surpassed the needed number of confirmed cases to perform the first interim analysis of its effectiveness. It now has 64 cases.

The enrollment goal for the Southern Hemisphere immunogenicity trial involving adults for the seasonal influenza vaccine known as mRNA-1010 has been fulfilled by Moderna stock, and the company anticipates receiving the data readout for the study this quarter. This winter, a data readout from the mRNA-1010 effectiveness trial conducted in the Northern Hemisphere is anticipated.

After rival vaccine manufacturer Pfizer anticipated a $10 billion to $15 billion commercial market potential from its messenger-RNA-based vaccine brand by 2030, Moderna stock dropped in December.

Featured Image: Unsplash @ Mufid Majnun

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