After two years of a raging pandemic, the manufacturers of COVID-19 vaccines seem to be all “vaxed-out”. Shares of COVID-19 vaccine makers including Moderna (MRNA), Novavax (NVAX), CureVac (CVAC), and BioNTech (BNTX) have dropped sharply in the past year.
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While Moderna and BioNTech have lost more than 50% of their value in the past year, shares of CureVac and Novavax have tanked more than 80%. There have been multiple factors aggravating this sharp decline.
The Pandemic is Over for the U.S.
Back in September, President Biden had stated in an interview, “The pandemic is over. We still have a problem with COVID. We’re still doing a lot of work on it. But the pandemic is over.”
This statement sparked a stock sell-off for vaccine makers.
In addition, as quarterly results roll in for vaccine makers, sales of COVID-19 vaccines seem to be declining.
Moderna’s Q3 Results a Letdown
Moderna reported disappointing Q3 results today and slashed its revenue from advance purchase agreements (APA) in FY22 to be in the range of $18 billion to $19 billion “following delay of certain deliveries into 2023 due to short-term supply constraints.”
Novavax is also down even as the U.S. FDA granted Emergency Use Authorization (EUA) for its COVID-19 vaccine last month. The company is expected to report its quarterly results next week.
Pfizer and BioNTech’s COVID-19 Vaccine Under Scrutiny
On November 2, Switzerland’s regulatory body, Swissmedic stated that it was investigating the formation of bubbles in a batch of bivalent COVID-19 vaccine, Comirnaty, jointly developed by Pfizer (PFE) and BioNTech.
The regulatory body added, “the phenomenon seems to be accentuated when the syringes are prepared several hours in advance. Some vials already contain bubbles when they are removed from the fridge. As a precautionary measure, Swissmedic has informed the cantons and vaccination centres.” The regulator is currently evaluating the causes behind this phenomenon.
For Pfizer, sales of Comirnaty in Q3 were lower compared to its higher-margin drug, Paxlovid.
BioNTech is expected to report its Q3 results on November 7.
BNTX also announced today, that along with Pfizer, it has initiated a Phase 1 study of mRNA-based combination vaccine candidate for influenza and COVID-19 that can be administered in a single dose.
