Shares of Moderna tumbled in premarket trading in New York after the biotech slashed its full-year sales guidance. The company cited lower sales in Europe, potential revenue deferrals for certain international sales into 2025, and an "increasingly competitive environment" for respiratory vaccines in the US.
Moderna posted second-quarter earnings that were narrower-than-expected losses and revenue that exceeded the average analyst estimate tracked by Bloomberg. It also posted a loss of $1.28 billion, or $3.33 per share, for the quarter, compared to a net loss of $1.38 billion, or $3.62 per share for the same period one year ago.
Snapshot of second quarter results (courtesy of Bloomberg):
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Loss per share $3.33
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Revenue $241 million, -30% y/y, estimate $131 million
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Covid-19 vaccine revenue $184 million, estimate $106 million
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Total operating expenses $1.60 billion, -27% y/y, estimate $1.63 billion
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Cost of goods sold $115 million, -84% y/y, estimate $72.2 million
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R&D expenses $1.22 billion, estimate $1.1 billion
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SG&A expense $268 million, -19% y/y, estimate $307.7 million
