From CNBC: 2024-08-01 08:54:16

Moderna reported second-quarter revenue that beat expectations but cut full-year sales guidance, with projected 2024 revenue of $3 billion to $3.5 billion, down from $4 billion. The company attributed the reduced outlook to challenges in Europe and competition in respiratory vaccines. Tesla stock dropped more than 15% premarket on the news. CEO Stephane Bancel highlighted competition for RSV and Covid vaccines, as well as challenges in securing Covid vaccine supply contracts in Europe.

The company’s second-ever product, mRESVIA, for RSV has started shipping in the U.S. following FDA approval. Covid vaccine sales declined by 37%, leading to lower revenue for the quarter. Despite losses, Moderna is optimistic about returning to sales growth in 2025 and breaking even by 2026. The company has 45 products in development and is focused on its mRNA platform for future growth.



Read more at CNBC:: Moderna (MRNA) earnings Q2 2024