Make earnings with no risk
Automated AI-driven system makes the trades, you earn the money
Join now
News

Moderna’s Stock Rises After Narrower-Than-Expected Q2 Loss

0

Moderna Inc.’s stock (MRNA) soared 5.5% in premarket trade on Thursday, following the company’s second-quarter financial results. Although revenue was significantly lower compared to last year, it exceeded consensus estimates.

Financial Performance

Moderna reported a net loss of $1.38 billion, or $3.62 per share, for the quarter. In contrast, during the same period last year, the company had an income of $2.197 billion, or $5.24 per share. The decline in revenue was substantial, dropping from $4.749 billion to $344 million. This decrease can be attributed to the decreased demand for COVID vaccines.

Better Than Expected Results

Despite the challenging market conditions, Moderna managed to outperform analysts’ expectations. The FactSet consensus predicted a loss of $3.93 per share and revenue of $308 million. Consequently, the company’s actual results were more favorable than anticipated.

COVID Vaccine Sales

Sales of Moderna’s COVID vaccine totaled $300 million for the quarter. The company projects that these sales will amount to $6 billion to $8 billion by the end of 2023, contingent upon U.S. vaccination rates. It is important to note that this vaccine is currently Moderna’s only FDA-approved product. Nonetheless, the company has other products in its pipeline, such as an RSV vaccine, which it anticipates launching in 2024 pending regulatory approval.

Promising Pipeline

Moderna’s CEO, Stéphane Bancel, expressed optimism regarding the company’s pipeline of products. He revealed that there are four infectious disease vaccines in Phase 3 trials, with hopes of RSV gaining approval soon after recently being submitted to regulators. Additionally, Moderna’s individualized neoantigen therapy is progressing well, with Phase 3 trials underway for melanoma. The company’s lead rare disease program for PA is in dose confirmation. Bancel expressed confidence that these products will be launched between 2024 and 2026.

Stock Performance

Moderna’s stock has experienced a decline of 39% year-to-date. In contrast, the S&P 500 has seen an 18% increase during the same period.

fxcoach

Stock Market Update

Previous article

Tickeron Review

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News