Moderna Inc (NASDAQ:MRNA, ETR:0QF) shares fell almost 9% in early trade as the pharmaceutical giant lowered its full-year guidance and announced a workforce reduction, overshadowing a Q2 earnings beat.
The company lowered its 2025 revenue outlook by $300 million to a range of $1.5 billion to $2.2 billion, attributed to shipment timing.
The company said it also plans to reduce its headcount by about 10%, ending the year with fewer than 5,000 employees.
“We continue to operate with financial discipline and are improving expected annual operating expenses in 2025 by approximately $400 million,” Moderna CEO Stéphane Bancel said in a statement.
“Looking forward, we have important catalysts over the next six months across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.”
For Q2, Moderna reported revenue of $142 million, down 41% year-over-year but ahead of analyst estimates of $114 billion. The company said the decline was due to lower COVID vaccine sales, which totalled $114 million during Q2.
Its loss per share of $2.13 was less than the loss per share of $2.96 expected.
Shares of Moderna traded down 8.7% at about $27 on Friday morning.