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Moderna cuts 2021 sales forecast for COVID-19 vaccine; shares tumble

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Reuters

(Reuters) – Moderna Inc on Thursday cut its 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, as it struggles to ramp up production of its two-dose inoculation, sending its shares down nearly 11% in premarket trading. The company’s sales target cut is in sharp contrast to that of larger rival Pfizer Inc, which earlier this week raised its sales forecast for its shot. Moderna’s deliveries have been uneven as the company and its contract manufacturers strive to expand production and bottling of the shots to meet unprecedented demand from countries. The vaccine-maker said it …

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