What's Going On With Moderna Stock Thursday?

Moderna Inc MRNA shares are trading lower Thursday after the company reported worse-than-expected financial results.

Moderna reported third-quarter revenue of $3.36 billion, which missed average analyst estimates of $3.53 billion, according to Benzinga Pro. The company said its weak top-line results were mainly due to a decline in sales of its COVID-19 vaccines. 

Moderna reported quarterly earnings of $2.53 per share, which missed average analyst estimates of $3.29 per share. 

"Today's earnings continue to show strong corporate momentum. With $13.6 billion in product sales through the first three quarters of the year, and advance purchase agreements for anticipated delivery this year now expected to produce around $18 to $19 billion of product sales, we continue to have a strong financial position as we prepare for multiple upcoming global product launches," said Stéphane Bancel, CEO of Moderna. 

Confirmed advanced purchase agreements for 2023 represent $4.5 billion to $5.5 billion in anticipated product sales. 

Moderna said its $3 billion share repurchase program announced in February was completed early in the fourth quarter. The company has commenced repurchases from the additional $3 billion program announced in August.

See Also: US Stocks In For Another Tough Day After Fed Rate Hike As Nasdaq, S&P 500 Futures Fall

MRNA Price Action: Moderna has a 52-week high of $249.42 and a 52-week low of $115.03.

The stock was down 7.61% Thursday morning, according to Benzinga Pro.

Photo: Marco Verch from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!