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Moderna Inc reaffirmed its annual sales forecast of $5 billion for its COVID-19 vaccines, which was below market expectations as the company anticipated lower demand in the fourth year of the pandemic.

Sales of the COVID vaccine, Moderna’s sole commercial product, were widely expected to fall sharply this year from $18.4 billion in 2022.

Moderna’s forecast was lower than Refinitiv estimates of $6.98 billion.

The company also reiterated its plans to file for regulatory approval its respiratory syncytial virus vaccine in the first half of 2023 as it looks to build its product portfolio beyond COVID vaccines.

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