Moderna now expects to deliver between 700 million to 800 million doses of its COVID-19 vaccine worldwide this year, down from its previous estimate of 800 million to 1 billion doses, the drugmaker said Nov. 4.
The company cited longer delivery times for international shipments, a "temporary impact" from expanding its bottling capacity and a boost in production as the reasons for its lowered delivery expectations.
It lowered its projection for total COVID-19 vaccine sales by as much as $5 billion, estimating vaccine sales will total $15 billion to $18 billion, down from its previous estimate of $20 billion. It cited the reduction in shipments this year and prioritizing sending vaccines to lower income countries as the reasons for the drop in sales expectations.
"We will not rest until our vaccine is available to anyone who needs it, and we are working hard to ensure our vaccine is available in low-income countries, with approximately 10 percent of our 2021 volume and significantly more of our 2022 volume going to low-income countries," Moderna CEO Stéphane Bancel said in a news release.
The company said it expects $17 billion to $22 billion in 2022 sales because of its purchasing agreements and the approval of booster shots. It expects to earn up to $2 billion in sales from boosters.
Moderna's total third-quarter revenue was $5 billion, compared to $157 million during the same time in 2020. Net income was $3.3 billion, compared to a net loss of $233 million in 2020.
Read Moderna's full third-quarter earnings report here.