‘Nobody wants to speak about COVID’: Less than 3% of eligible Americans got a booster shot in September does … – Yahoo Finance

Nobody wants to speak about COVID: Less than 3% of eligible Americans got a booster shot in September does that spell trouble for these 3 big vaccine stocks?

From pandemic fatigue to vaccine fatigue Americans are proving slow to follow the CDCs advice to get a COVID-19 booster shot this fall.

On Sept. 12, the CDC recommended that everyone six months and older should get an updated COVID-19 vaccine to protect against the potentially serious outcomes of the illness as we roll into the winter months.

But by the end of September, only 7.6 million people, or less than 3% of eligible Americans, had rolled up their sleeves and received the updated shots, according to Reuters.

Most Americans can still get a COVID-19 vaccine for free either through their health insurance plan or via local health centers and certain pharmacies. Despite that, uptake of the current fall/winter booster has so far been extremely low, according to the CDC release. This is in part due in part to some finding it difficult to book vaccination appointments or find booster shots at no cost.

Low uptake of the booster shots is concerning for not only the countrys health care leaders, but also for the companies that make the COVID-19 vaccines and the investors who added them to their stock portfolios

Heres a look at how the big three vaccine makers are coping with the lower-than-expected demand this fall.

Pfizer recently slashed its full-year revenue outlook for 2023 to $58 billion to $61 billion down from its previous estimate of $67 billion to $70 billion solely due to COVID products.

Amidst poor vaccination uptake this fall, the pharmaceutical giant now expects sales of its COVID-19 vaccine, Comirnaty, to be $2 billion lower than previously expected in 2023. It has also slashed its expected Paxlovid (anti-virus medication used as treatment for COVID) revenues by approximately $7 billion.

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We are in the middle of the Covid fatigue, said Pfizer CEO Albert Bourla during an investor call on Oct. 16. Nobody wants to speak about Covid. We have the big anti-vaccination rhetoric.

Facing such uncertainty, Pfizer cut its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share a far cry from the prior estimate of $3.25 to $3.45 per share causing its stock to tumble.

But Pfizer stock recovered quickly after Bourla explained the companys cost realignment program, which will include layoffs and is expected to deliver savings of $1 billion this year and an additional $2.5 billion in 2024.

Like two peas in a pod, when Pfizer slashed its full-year outlook, investors immediately started to worry about Modernas 2023 prospects and its stock value slumped. And unlike its main competitor, Moderna shares did not see a quick recovery.

In August, Moderna reported total revenue for the second quarter of $344 million, compared to $4.7 billion in the same period in 2022 mainly due to a decrease in sales of the companys COVID-19 vaccine.

The company which is expected to report its third quarter earnings on Nov. 2 reported $0.3 billion in COVID-19 vaccine sales in the second quarter and $2.1 billion for the first half of the year, hitting its expectations.

We are on track to deliver 2023 [COVID-19 vaccine] sales between $6 billion to $8 billion, depending on Covid vaccination rates in the U.S., said Moderna CEO Stphane Bancel, when announcing the latest results.

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Moderna has so far retained that guidance despite Pfizers revision in October, according to Investors Business Daily (IBD), stating that its projection reflects the uncertainty of U.S. vaccination rates.

In the second quarter, Moderna reported a loss per share of $3.62, compared to a year-earlier gain of $5.24 per share. IBD reported that analysts expect that loss trend to continue in the third quarter.

Novavax is another vaccine maker that felt the sting of Pfizers $9 billion projected revenue slash. Novavax shares dropped by 4.5% shortly after Pfizers announcement, adding fuel to the uncertainty around the vaccine companys financial future after it cut its 2023 outlook in August.

Despite beating expectations in the second quarter of this year scoring $424 million in revenue and earning 65 cents per share Novavax reduced its expected total 2023 product sales to $960 million to $1.14 billion, down from its previous estimate of $1.06 billion to $1.24 billion.

The Novavax vaccine is unique in that it is the only non-mRNA protein-based XBB COVID vaccine available in the U.S. and therefore appeals to a section of the population that is uneasy over mRNA technology.

Novavax received the Food and Drug Administration (FDA)s go-ahead for its updated COVID shot on Oct. 3, but it was only approved for individuals aged 12 and older setting the drug giant at a potential disadvantage to Pfizer and Moderna, whose updated vaccines are suitable for those as young as six months old.

On Oct. 16, the company released a statement expressing its confidence in the ongoing rollout and broad availability of its vaccine in the U.S. market.

Following arrival in pharmacies and health care provider offices, and first doses administered last week, Novavaxs vaccine is now widely available throughout the U.S. Novavax believes it is too soon to evaluate U.S. vaccination rates given that vaccinations will continue in the coming weeks.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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'Nobody wants to speak about COVID': Less than 3% of eligible Americans got a booster shot in September does ... - Yahoo Finance