Moderna Forecasts COVID-19 Sales Decline as Costs Rise, Shares Fall

Moderna Forecasts COVID-19 Sales Decline as Costs Rise, Shares Fall
Moderna logo in an illustration taken on May 3, 2022. Dado Ruvic/Illustration/Reuters
Reuters
Updated:

Moderna Inc. on Thursday forecast declining COVID-19 vaccine sales and rising costs for 2023, raising concerns the U.S. biotech company could post a loss this year, and its shares fell 7 percent.

Moderna forecast $6 billion in costs for the year, $1 billion more than the revenue it expects to take in from sales of the COVID-19 shot.