In today’s briefing:
- Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred
- Sri Trang Gloves (STGT TB): Revised Capacity Expansion Plan to Arrest Downfall in ASP
Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred
- Moderna Inc (MRNA US) reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.
- Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.
- With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.
Sri Trang Gloves (STGT TB): Revised Capacity Expansion Plan to Arrest Downfall in ASP
- As continued strong market competition and excess capacities from major players have capped upward trajectory for ASP, key global glove manufacturers have revised their capex plans lower.
- To reflect the current industry climate, Sri Trang expects to reach an annual production capacity of 56.6 billion pieces in 2024 from 81.9 billion pieces earlier.
- The company aims to launch surgical gloves, which command a high margin, in the domestic market in Q4 2022.
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