The shares of Moderna, BioNTech, and Novavax fell as much as 9% on Monday after President Joe Biden said on 60 Minutes that the COVID-19 epidemic is over.
The seven-day average of new COVID cases has fallen to about 60,000, while the daily deaths from the disease have fallen to an average of 500.
It is over. There is still a problem with carbon dioxide. We're not done with it yet. The swine flu is over. No one is wearing masks The Detroit auto show is a perfect example of this because everybody seems to be in good shape.
The commentsdinged companies that derive most, if not all, of their revenue from the sale of vaccines.
Despite Biden's comments, and the reality that COVID-19 has fallen down the list of concerns for most people, there is likely still to be some demand for the vaccine. Moderna said it could find new demand for its vaccine from China.
Moderna expects to make $21 billion in revenue in 2022, while BioNTech expects to make $17 billion. Novavax, which was late to the game with the approval of its vaccine, expects to make $2 billion in revenue.
Analysts' estimates show that those numbers will fall off a cliff next year. Moderna and BioNTech revenue estimates are expected to fall to $10.7 billion and $9.8 billion, respectively, while Novavax revenue is expected to stay the same.
The investors are paying attention. Moderna and BioNTech's shares have fallen from their record highs as investors grow impatient with both companies and their search for the next therapeutic that will replace vaccine revenue.
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