Moderna Lowers Annual Sales Forecast Amid Competitive Vaccine Market

The biotech firm cites reduced demand in Europe and a challenging U.S. market, leading to a significant drop in stock value.

Moderna's 2024 sales forecast is cut to $3-3.5 billion, down from $4 billion.
The company's stock fell over 20% following the revised guidance.
European sales are expected to be very low due to existing contracts with Pfizer.
Moderna faces stiff competition in the U.S. respiratory vaccine market.
Despite cost cuts, Moderna posted a second consecutive quarterly loss.