Moderna Stock Sinks On Lowered 2024 Outlook, Cites Low European Sales, Competitive RSV Vaccine Market

On Thursday, Moderna Inc MRNA stock plunged as the company lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines.

Moderna now projects 2024 net sales of between $3 billion and $3.5 billion from its respiratory franchise versus previous guidance of about $4 billion, citing 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.

Also Read: European Commission Faces Court Criticism Over COVID Vaccine Contract Transparency Ahead Of Vote on Ursula Von Der Leyen’s Reappointment.

Moderna reported second-quarter revenue of $241 million, compared with $344 million a year earlier, beating the consensus of $132.18 million.

Net loss was $1.28 billion, or $3.33 a share, versus a loss of $1.38 billion, or $3.62 a share, a year earlier, surpassing the consensus of $(3.36).

Sales for Spikevax, the company’s Covid-19 vaccine, fell 37% year-over-year to $184 million.

“During the second quarter, we marked the approval of our second mRNA product and significantly lowered our operating costs. We remain focused on execution for the 2024-25 COVID season and the launch of our RSV vaccine in the U.S.,” said Stéphane Bancel, CEO.

Guidance: For the second half of the year, Moderna 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.

Price Action: MRNA stock is down 17.10% at $98.84 at the last check on Thursday.

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