Mod­er­na's stock plunges in pre­mar­ket trad­ing as Ban­cel promis­es com­pa­ny is in 'much bet­ter place' for FY23 de­liv­er­ies

Mod­er­na’s stock plunged more than 11% in pre­mar­ket trad­ing on Thurs­day as CEO Stéphane Ban­cel re­port­ed a drop in Covid sales and low­ered his full-year sales ex­pec­ta­tions.

The chief ex­ec­u­tive now ex­pects $18 bil­lion to $19 bil­lion in sales this year — as op­posed to a pre­vi­ous­ly an­tic­i­pat­ed $21 bil­lion — due to de­liv­ery de­lays, short-term sup­ply short­ages and a “very com­plex third quar­ter from a man­u­fac­tur­ing stand­point.”

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