Pharmaceutical giant Moderna lost several billion dollars in total value after rival Pfizer warned that it would slash guidance related to its COVID-19 vaccines and other products.
Moderna’s stock has plunged by $7 billion in a little more than a week, according to a Bloomberg News analysis. Although the company didn’t say it would cut its outlook on vaccines, rival vaccine maker Pfizer slashed its profit outlook earlier this month and warned that demand for COVID-19 vaccines and pills is dropping.
