[美친주] Moderna, the reason why stocks fell despite good results… Vaccine sales?

Even though Moderna reported better-than-expected results for the second quarter, the share price is in a quandary. Sales of the new coronavirus infection (COVID-19) vaccine in the second quarter were weak as it was highlighted that the sales were slightly below the guidance.

On the 5th (local time) on the New York Stock Exchange, Moderna closed at $416.26, down 0.67% from the previous trading day. The lowest target price for global securities companies announced within 75 days is $83, and the highest target price is $353.

Moderna surged 12% on the 3rd on the news of a price hike for the COVID-19 vaccine in Europe. After announcing a better-than-expected quarterly net profit before the market opened on the same day, it continued to rise 4% in the early part of the market and then turned downward.

Moderna reported second-quarter revenue of $4.35 billion, up 6398.5% year-over-year. The operating profit turned to the black with $3.06 billion.

Park Byeong-guk, a researcher at NH Investment & Securities, analyzed, “The performance is absolutely good, but the sales volume of the COVID-19 vaccine, which accounts for most of the sales, in the second quarter was 199 billion doses, which is slightly below the previous guidance of 200-250 million doses.” .

In the case of Pfizer and Biontech, sales of COVID-19 vaccines in the second quarter were around $7.8 billion. In terms of sales, it is 85% higher than Moderna. This is because Moderna’s CAPA (production capacity), which was known in the market, was insufficient compared to Pfizer.

Researcher Park said, “The guidance for securing CAPA is 2.1 billion doses for Pfizer and 800 to 1 billion doses for Moderna,” said Park. explained that

Moderna maintained its guidance regarding vaccine supply while announcing a plan to secure CAPA to 2 to 3 billion doses by next year. It also revealed that the COVID-19 vaccine maintains a 93% protective effect even after 6 months of complete inoculation.

Researcher Park said, “What is important for companies related to COVID-19 and vaccines is the need for long-term data and booster shots. level data”.

Then, “93.1% after 14 days or more, 92.4% after 4 months or more, which is judged to be well maintained up to 4 months. Neutralizing antibodies against , beta, gamma, and delta mutations all increased, and a significant increase in neutralizing antibodies was also found in booster shots with the South African mutant vaccine and multivalent vaccine.”

“Vaccine developers are emphasizing the need for a booster shot from this fall because neutralizing antibodies decrease after complete administration,” he said. It is difficult to see this as long-term data, so it is necessary to check whether the prevention rate is consistently well maintained.”