On Thursday, Moderna Inc (NASDAQ:MRNA) lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines. Moderna now projects 2024 net sales of between $3 billion and $3.5 billion from its respiratory franchise versus previous guidance of about $4 billion, citing low EU sales in 2024, potential revenue deferrals for certain international sales into 2025, and an increasingly competitive environment for respiratory vaccines in the U.S. Goldman Sachs highlights that the management discussed competitive pressure across both the COVID and RSV vaccines, noting that larger competitors, namely Pfizer Inc (NYSE:PFE) and GSK Plc (NYSE:GSK), have leverage from existing product portfolios and can engage in activities such as bundling and co-marketing. Regarding visibility into demand for mRESVIA, Moderna’s RSV vaccine, in the second half, management ...