TD Cowen met with Moderna management who provided details on its COVID vaccine sales outlook for 2023 and stated that the market could mirror flu in the long term. There are multiple avenues for a 2024 flu launch, mRNA-1345 will be a key player in the RSV market, PCV represents an expansive opportunity, and several 1B rare disease opportunities could stack over the next 5 years. Cowen maintains its Market Perform rating and $150 price target on Moderna shares.
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