Moderna, Inc (MRNA) announced Loss for first quarter that decreased from last year and beat the Street estimates.
The company's bottom line came in at -$971 million, or -$2.52 per share. This compares with -$1.175 billion, or -$3.07 per share, last year.
Analysts on average had expected the company to earn -$3.18 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 35.3% to $108 million from $167 million last year.
Moderna, Inc earnings at a glance (GAAP) :
-Earnings: -$971 Mln. vs. -$1.175 Bln. last year.-EPS: -$2.52 vs. -$3.07 last year.-Revenue: $108 Mln vs. $167 Mln last year.
Stephane Bancel, CEO of Moderna, Inc., said: "In the first quarter, we continued to execute with financial discipline, significantly reducing our operating expenses, and further prioritized our investments in oncology. Looking ahead, we are reiterating our 2025 financial framework and announcing a cost structure that is expected to reduce our annual operating expenses by approximately $1.5 billion by 2027. With several Phase 3 readouts approaching and continued momentum toward 10 product approvals, we remain confident in Moderna's long-term outlook."
Looking ahead, the company initiated its revenue outlook for the first half and reaffirmed its annual revenue guidance.
For the first half, Moderna expects revenue of around $0.2 billion, reflecting the seasonality of its respiratory business.
For the full year, the drug maker still anticipates revenue of $1.5 billion to $2.5 billion, compared with with analysts’ forecast of $2.13 billion.
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