Leerink lowered the firm’s price target on Moderna (MRNA) to $64 from $66 and keeps an Underperform rating on the shares. The firm notes Pfizer (PFE) reduced FY23 COVID-19 revenue guidance by $9B, from $21.5B to $12B, reflecting lower-than-expected utilization of COVID-19 products Paxlovid and Comirnaty. In light of lateral impact to Moderna, Leerink reduces FY23 COVID projections by $2B, lowers its price target, and reiterates an Underperform as Pfizer’s disclosure offers fresh evidence that Moderna’s extended period of unprofitability will push the company towards restructuring.
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