Moderna lowers forecast for 2021 COVID-19 vaccine deliveries - CP24 Toronto's Breaking News | Canada News Media
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Moderna lowers forecast for 2021 COVID-19 vaccine deliveries – CP24 Toronto's Breaking News

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Moderna is scaling back expectations for the number of COVID-19 vaccine deliveries it expects to make this year and the revenue it will record from them.

Issues including longer delivery lead times for exports and a temporary impact from expanding the company’s capacity to fill vials with vaccine and package them for shipping, which may shift some deliveries to early 2022, the drugmaker said Thursday. The company now expects full-year, 2021 product sales of between $15 billion and $18 billion.

That’s down from a prediction for $20 billion in sales that it made in August.

CEO Stephane Bancel told analysts on Thursday that his company’s issues stemmed from scaling up production so quickly. He also said the problems are short-term and can be fixed.

“Our supply chain became more complex with increased deliveries to countries around the world,” Bancel said.

Moderna‘s work on expanding its capacity is complete and it should see a “positive impact” from that soon, Bancel said.

The company now expects to deliver between 700 million to 800 million doses this year, down from a previous forecast for 800 million to 1 billion.

Moderna‘s COVID-19 vaccine is the drugmaker’s only product on the market. It’s also developing and testing several other vaccines including a combination that protects against both COVID-19 and the flu.

The COVID-19 vaccine brought in $4.81 billion in sales during Moderna‘s third quarter, which fell well short of analyst expectations overall.

The Cambridge, Massachusetts, company earned $3.3 billion on about $5 billion in total revenue, which includes some grants and collaboration revenue. Earnings per share totaled $7.70.

Analysts expected $9.09 per share on $6.2 billion in revenue, according to FactSet.

Company shares tumbled 19% to $280.14 Thursday afternoon, still two and a half times higher than the stock’s price at the start of the year.

Moderna Inc. makes one of three COVID-19 vaccines currently being used in the United States to fight the pandemic. The others are made by Pfizer Inc. and Johnson & Johnson.

Next year, Moderna expects to pick up production and will be able to make 3 billion doses of its vaccine if needed, Bancel said.

The company expect 2022 revenue to range between $17 billion and $22 billion, with the market for COVID-19 booster shots in the U.S. next fall totaling up to $2 billion.

Analysts expect, on average, about $21.38 billion in revenue, according to FactSet.

Moderna has an emergency use authorization for the vaccine in adults but is still waiting for U.S. regulators to grant a similar authorization for 12- to 17-year olds. Regulators are studying the rare risk of a heart inflammation that has shown up in some people who have received the shots.

The company said recently that review could last until January.

An analyst asked Moderna executives on Thursday why regulators seem more concerned about this risk from their vaccine in younger age groups than from Pfizer’s shot, which is already authorized for adolescents.

Moderna President Dr. Stephen Hoge said it was mostly a matter of timing.

Hoge noted that Pfizer’s vaccine was authorized before there was any “substantial discussion” of the condition as a risk. He added that Moderna‘s shots have already been approved for that age group in several countries, and their global database of 1.5 million people below age 18 who have received their vaccination does not show an increased risk of the issue.

“We think over time the substantial benefits of our vaccine will ultimately win out,” Hoge said.

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How many Nova Scotians are on the doctor wait-list? Number hit 160,000 in June

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HALIFAX – The Nova Scotia government says it could be months before it reveals how many people are on the wait-list for a family doctor.

The head of the province’s health authority told reporters Wednesday that the government won’t release updated data until the 160,000 people who were on the wait-list in June are contacted to verify whether they still need primary care.

Karen Oldfield said Nova Scotia Health is working on validating the primary care wait-list data before posting new numbers, and that work may take a matter of months. The most recent public wait-list figures are from June 1, when 160,234 people, or about 16 per cent of the population, were on it.

“It’s going to take time to make 160,000 calls,” Oldfield said. “We are not talking weeks, we are talking months.”

The interim CEO and president of Nova Scotia Health said people on the list are being asked where they live, whether they still need a family doctor, and to give an update on their health.

A spokesperson with the province’s Health Department says the government and its health authority are “working hard” to turn the wait-list registry into a useful tool, adding that the data will be shared once it is validated.

Nova Scotia’s NDP are calling on Premier Tim Houston to immediately release statistics on how many people are looking for a family doctor. On Tuesday, the NDP introduced a bill that would require the health minister to make the number public every month.

“It is unacceptable for the list to be more than three months out of date,” NDP Leader Claudia Chender said Tuesday.

Chender said releasing this data regularly is vital so Nova Scotians can track the government’s progress on its main 2021 campaign promise: fixing health care.

The number of people in need of a family doctor has more than doubled between the 2021 summer election campaign and June 2024. Since September 2021 about 300 doctors have been added to the provincial health system, the Health Department said.

“We’ll know if Tim Houston is keeping his 2021 election promise to fix health care when Nova Scotians are attached to primary care,” Chender said.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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Newfoundland and Labrador monitoring rise in whooping cough cases: medical officer

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ST. JOHN’S, N.L. – Newfoundland and Labrador‘s chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.

Dr. Janice Fitzgerald says that so far this year, the province has recorded 230 confirmed cases of the vaccine-preventable respiratory tract infection, also known as pertussis.

Late last month, Quebec reported more than 11,000 cases during the same time period, while Ontario counted 470 cases, well above the five-year average of 98. In Quebec, the majority of patients are between the ages of 10 and 14.

Meanwhile, New Brunswick has declared a whooping cough outbreak across the province. A total of 141 cases were reported by last month, exceeding the five-year average of 34.

The disease can lead to severe complications among vulnerable populations including infants, who are at the highest risk of suffering from complications like pneumonia and seizures. Symptoms may start with a runny nose, mild fever and cough, then progress to severe coughing accompanied by a distinctive “whooping” sound during inhalation.

“The public, especially pregnant people and those in close contact with infants, are encouraged to be aware of symptoms related to pertussis and to ensure vaccinations are up to date,” Newfoundland and Labrador’s Health Department said in a statement.

Whooping cough can be treated with antibiotics, but vaccination is the most effective way to control the spread of the disease. As a result, the province has expanded immunization efforts this school year. While booster doses are already offered in Grade 9, the vaccine is now being offered to Grade 8 students as well.

Public health officials say whooping cough is a cyclical disease that increases every two to five or six years.

Meanwhile, New Brunswick’s acting chief medical officer of health expects the current case count to get worse before tapering off.

A rise in whooping cough cases has also been reported in the United States and elsewhere. The Pan American Health Organization issued an alert in July encouraging countries to ramp up their surveillance and vaccination coverage.

This report by The Canadian Press was first published Sept. 10, 2024.

The Canadian Press. All rights reserved.

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