MADRIDNov 4 – Shares of Spanish firm Rovi fell 9.4% on Friday after the pharmaceutical company predicted a recurring revenue drop in 2023 due to lower demand for vaccines against the virus. COVID-19.
Rovi, which has a partnership with Moderna to produce its vaccine against COVID-19 for much of the world, he said he expects operating profit in 2023 to decline by a low double-digit percentage when he reports third-quarter results.
Modern Thursday cut sales forecasts for its flu shot. COVID-19 for 2022, citing regulatory and production delays, and published an outlook for vaccines in 2023 well below Wall Street estimates.
Rovi recorded a 23% increase in net profit for the nine months to 121.5 million euros, with a 24% increase in operating profit, mainly driven by third party manufacturing activities.
The Rovi stock fell by 9.4% to 38.72 euros at 0848 GMTwhile the Spanish Ibex-35 index fell by 0.25%.
