Drug maker Moderna, Inc. (MRNA) reported Thursday narrower net loss in its second quarter compared to last year, but wider than market estimates, amid weak revenues. The company further revised its fiscal 2024 product sales outlook.
In pre-market activity on the Nasdaq, Moderna shares were losing around 12 percent to trade at $104.94.
For the second quarter, net loss was $1.28 billion, compared to prior year's loss of $1.38 billion. Net loss per share was $3.33 for the second quarter, compared to $3.62 net loss a year ago.
Analysts on average expected the company to report loss of $3.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Total revenue for the second quarter was $241 million, down from $344 million in the same period in 2023. This decline was primarily attributable to decreased sales of the Company's COVID-19 vaccine.
The Street was looking for revenues of $122.21 million for the quarter.
Looking ahead, the company revised its 2024 expected net product sales to $3.0 to $3.5 billion from its respiratory franchise.
For the second half of the year, it expects a sales split of 40-50% in the third quarter with the balance in the fourth quarter of 2024, subject to the timing of regulatory approvals.
The update in product sales is driven very low EU sales in 2024, potential revenue deferrals for certain international sales into 2025, and an increasingly competitive environment for respiratory vaccines in the U.S.
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