Moderna Drops as Two Buyers Turn Down More Covid Shots By Investing.com

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Moderna Drops as Two Buyers Turn Down More Covid Shots

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Moderna Drops as Two Buyers Turn Down More Covid Shots

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By Dhirendra Tripathi

Investing.com -- Moderna (NASDAQ:MRNA) stock fell 4% Tuesday as reports came in that two large buyers have declined options to purchase more of its Covid-19 vaccines, a sign of a waning pandemic bringing down demand.

The African Union and Covax, the World Health Organization-backed group, decided not to obtain more of the vaccine as developing nations struggle to turn supplies into inoculations, Bloomberg reported.

Less than two months ago, the company had forecast higher vaccine sales for the second half of the year, pinning its estimates on Covid-19 becoming a flu-like endemic illness that would lead people to take shots on a regular basis.

While the African Union agreed to purchase 50 million doses for delivery in the first quarter, the body of 55 member states opted not to acquire another 60 million doses in the second quarter, according to the wire agency.

Covax turned down two purchase options - one for 166 million doses in the third quarter and a second for 166 million doses in the fourth.

Moderna said it has signed deals for $21 billion in 2022 vaccine sales, up from $19 billion announced in February.

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