Moderna slips after cutting revenue guidance
Moderna slipped after it reported Q2 results that beat Wall Street estimates but lowered its revenue guidance for the year.
The vaccine maker reported an adjusted loss per share of $2.13, better than the $2.96 adjusted loss per share analysts polled by FactSet were expecting. The company reported $142 million in revenue, a 41% decrease from a year before but more than the $112.5 million analysts expected.
But Moderna also cut its revenue guidance. It now expects to report full-year revenue of between $1.5 billion and $2.2 billion, down from $1.5 to $2.5 billion. Analysts expect the company to report $2 billion in revenue for the year.
Moderna, which still makes most of its revenue from declining COVID-19 vaccine sales, has been struggling to re-spark revenue growth.
The company disclosed on Thursday that it would cut 10% of its workforce in an effort to cut costs.
Meanwhile, Moderna has been met with regulators that are more hostile to its immunizations. Still, the company has made progress on a combination COVID-19 and flu shot.
Moderna’s stock fell about 4% in premarket trading, compounding a roughly 30% drop since the start of the year.
The company disclosed on Thursday that it would cut 10% of its workforce in an effort to cut costs.
Meanwhile, Moderna has been met with regulators that are more hostile to its immunizations. Still, the company has made progress on a combination COVID-19 and flu shot.
Moderna’s stock fell about 4% in premarket trading, compounding a roughly 30% drop since the start of the year.
