Moderna Therapeutics Inc (NASDAQ:MRNA) stock moved lower on Thursday after the drugmaker’s weak full-year sales forecast and a significant loss for the third quarter overshadowed stronger-than-expected revenue.
For 3Q, Moderna’s revenue fell from $3.4 billion in the same period in 2022 to $1.8 billion mainly due to decreased COVID-19 vaccine sales. However, this topped expectations of sales of $1.35 billion.
It reported a net loss of $3.6 billion for the quarter, compared to a profit of $1 billion in the year-ago quarter, driven largely by non-cash charges of $3.1 billion related to resizing and tax allowances.
Per share, it swung from earnings per share of $2.53 in the year-ago quarter to a loss per share of $9.53. This was a significantly larger loss than the loss per share of $2.01 expected by analysts.
Additionally, Moderna guided weaker-than-expected full-year sales of at least $6 billion. Analysts had expected 2023 sales of $6.67 billion.
CEO Stéphane Bancel said as the company prepares to launch multiple products in 2025, it expects to return to sales growth in 2025 and break even in 2026.
Moderna’s shares had shed 8.2% at about US$70 mid-morning on Thursday.
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