By Will Feuer

Shares of Moderna and other makers of Covid-19 vaccines were dragged lower after rival Pfizer warned that it expects revenue from its Covid-19 products to fall next year.

Moderna shares were down nearly 5% at $74.51 in premarket trading, following Pfizer shares, which were more than 6% lower. Shares of Moderna have already fallen nearly 57% this year.

American depositary receipts tied to shares of Germany-based BioNTech, which has partnered with Pfizer on its Covid-19 vaccine, fell about 4% to $95.00 in the premarket session. The stock is down about 34% this year.

Shares of Novavax also fell about 1% to $5.25 in premarket trading, adding to a decline of about 48% this year.

Earlier Wednesday, Pfizer issued revenue and earnings outlook for next year that fell below Wall Street analysts' expectations. The miss was largely driven by declining sales of the company's Covid-19 vaccine and its Paxlovid treatment.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 13, 2023 08:16 ET (13:16 GMT)

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