Moderna Reports 45% Drop in Q3 Revenue, Surpasses Estimates
Moderna Inc. (NASDAQ: MRNA) reported a steep 45% year-over-year drop in third-quarter revenue to $1.02 billion as demand for its COVID-19 vaccine weakened in the post-pandemic market. Despite the decline, the results surpassed Wall Street expectations, which had forecast revenue around $829.1 million. For more on the company's background, see its history and ownership.
The biotech firm posted a per-share loss of $0.51, significantly narrower than the anticipated loss of $2.21 per share. This performance was aided by a sharp reduction in operating expenses, reflecting the company's focus on its financial health. The results may be of interest to the current MRNA investor profile.
The decline in vaccine sales is attributed to falling infection rates and evolving vaccination guidance. Moderna noted that a September recommendation from the U.S. Centers for Disease Control and Prevention, advising that COVID-19 shots be administered after shared decision-making with healthcare providers, weighed on domestic sales. The company continues to navigate the changing market while pursuing its long-term mission and vision.
CFO James Mock stated that the timing of the CDC announcement was a contributing factor to the decline in U.S. revenue. Consequently, Moderna has adjusted its full-year revenue forecast to a range of $1.6 billion to $2.0 billion, modifying its previous guidance of $1.5 billion to $2.2 billion.
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