(Reuters) -Moderna Inc on Thursday reaffirmed annual sales forecast of $5 billion for its COVID-19 vaccines despite its fourth-quarter sales exceeding estimates, on expectations of lower demand for the shots in the fourth year of the pandemic.
Sales of the vaccine, Moderna’s sole commercial product, were expected to fall sharply this year from $18.4 billion in 2022 as most people globally have received their shots and boosters, while governments and other agencies cut purchases.
Rival Pfizer also forecast a bigger-than-expected drop in sales of its COVID-19 products, saying it expects 2023 to be a transition year for the products before potentially returning to growth in 2024.
Moderna’s forecast was lower than Refinitiv estimates of $6.98 billion even though its COVID vaccine sales of $4.86 billion in the fourth quarter were slightly higher than estimates of $4.84 billion.
Focus is now shifting to its vaccine against respiratory syncytial virus and seasonal flu. Moderna last week reported mixed results for its flu vaccine.
The company also reiterated its plans to file for regulatory approval its respiratory syncytial virus vaccine in the first half of 2023 as it looks to build its product portfolio beyond COVID vaccines.
Moderna reported a profit of $3.61 per shares for the fourth quarter, lower than the average of estimates of $4.68 per share.
Shares of Moderna were down 1.5% in premarket trading at $155.8.
(Reporting by Aditya Samal and Leroy Leo; Editing by Arun Koyyur)
