Pfizer, Moderna Stock Prices Down Considerably in 2023

The stock prices for two of the top mRNA vaccine manufacturers have plunged.

Novavax, which makes a COVID-19 vaccine that doesn't use mRNA technology, has seen its stock drop by 63 percent for the year.

During the pandemic and after both companies introduced the widely used mRNA vaccines, shares of Moderna and Pfizer have seen steady increases.

Pfizer recently cut around $9 billion from its sales forecast due to declining demand for its COVID-19 vaccine and anti-viral drug Paxlovid.

Moderna reiterated its previous guidance and said it would provide an update on whether to cut its sales forecast around its vaccine in November.

Moderna said in its recent regulatory filing that it expects its 2023 sales of its vaccine to be between $6 billion and $8 billion, a reiteration of what it said in a second quarter earnings report.

"As noted previously, if the U.S. market for COVID-19 vaccines is approximately 50 million administered doses, Moderna still expects to be in the bottom half of the disclosed range; if the U.S. market is approximately 100 million administered doses, Moderna still expects to be in the top half of the disclosed range," the company statement said. 

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