Moderna commercial officer steps down, CEO to look over vaccine sales

A Moderna Spikevax COVID-19 vaccine is seen at a drugstore in Cypress, Texas, Sept. 20, 2023. (Melissa Phillip/Houston Chronicle via AP, File)

Moderna said its Chief Commercial Officer Arpa Garay has stepped down from the role and CEO Stephane Bancel will look over sales and marketing, sending the shares of the vaccine maker down 5% on Tuesday.

Garay, who was in the position for less than two years, will remain an employee through June 2024, the company said.

Her exit from the role comes at a time when the company, which is looking to break even in 2026, is ramping up spending on research and development as weak sales of COVID vaccine weigh on stock performance.

The company had last month said it would be able to meet just the lower end of its US$6 billion to $8 billion sales forecast for 2023. In contrast, Pfizer expects annual sales from COVID shot to be about $11.5 billion.

CEO Bancel will now directly oversee the company's efforts to drive sales of the COVID shot and its preparation to roll out the vaccine against respiratory syncytial virus (RSV) next year.

Moderna expects $4 billion in revenue in 2024 from the sale of COVID and RSV vaccines.

The company said president Stephen Hoge will be responsible for its pipeline commercial strategy and medical affairs. This follows the departure of Chief Medical Officer Paul Burton earlier this year.

(Reporting by Sriparna Roy in Bengaluru; Editing by Arun Koyyur)