Moderna Posts Narrower-than-expected Q2 Loss; Backs FY23 Vaccine Sales View; Stock Up In Premarket
Covid vaccine maker Moderna, Inc. (MRNA) reported Thursday that its second-quarter net loss was $1.38 billion, compared to net income of $2.20 billion a year ago.
Loss per share was $3.62, compared to earnings per share of $5.24 for the second quarter of 2022.
On average, 15 analysts polled by Thomson Reuters expected loss of $4.04 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenue for the second quarter of 2023 was $344 million, sharply lower than $4.75 billion in the same period in 2022, mainly due to a decrease in sales of COVID-19 vaccine. The Street expected revenues of $319.64 million for the quarter.
Product sales were $293 million, a decrease of 94 percent, primarily driven by lower sales volume.
Looking ahead for fiscal 2023, the company said it is on track to deliver COVID-19 vaccine sales of $6 billion to $8 billion, depending on Covid vaccination rates in the U.S.
Total expected 2023 sales are comprised of around $4 billion from existing APAs and $2 billion to $4 billion from additional sales to the U.S., Japan, EU and other countries.
Sales will be subject to the timing of regulatory approvals, with the Company currently expecting a 2023 second half sales split of approximately 30 percent in the third quarter and 70 percent in the fourth quarter.
In pre-market activity on Nasdaq, Moderna shares were trading at $113.65, up 3 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Source: Read Full Article