Moderna Falls on U.S. Patent Proposal, Covid Vaccine Sales Miss
- Vaccine makers’ shares drop on intellectual property concerns
- Moderna raises vaccine sales projection, delivers first profit
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Moderna Inc. dropped the most in two months in early New York trading Thursday after U.S. President Joe Biden’s administration backed waiving patents on Covid-19 vaccines and the company’s quarterly revenues missed analysts’ expectations.
U.S. support for the patent proposal, intended to increase the supply of life-saving shots, hit vaccine makers, even as Moderna recorded its first-ever profitable quarter and slightly raised annual product sales projections. Novavax Inc., Curevac NV and vaccine partners Pfizer Inc. and BioNTech SE also fell, while Moderna’s shares lost 12% as of 9:36 a.m., the most intraday since Feb. 23.