Banco Sabadell | According to press reports, the FDA is planning to publish a report linking the deaths of 25 children to Covid vaccines.
Assessment: Negative news due to the ‘noise’ it generates around vaccine manufacturers, something that has become commonplace since Trump appointed Robert F. Kennedy (a well-known anti-vaccine advocate) to head the FDA. We continue to believe that vaccination rates in the US, once the endemic phase has passed, will depend largely on each person’s willingness to be vaccinated, and we understand that they should not fall significantly as they would continue to be concentrated in the age range above 60 years. On the other hand, we estimate that Moderna’s weight (from sales of Covid and respiratory syncytial virus (RSV) vaccines) in the US would be around 10% of ROVI BS(e)’s 2025 sales and would be diluted within CDMO sales from 2026 onwards with the entry of a new customer into the division. On Friday, Moderna fell by 7%.
