US Stock Market News | Moderna plunges over 17% on significant downward revision of full-year sales guidance
As of the time of publication, the stock has fallen by more than 17%, trading at $98.2
According to CNBC, on Thursday, Moderna (MRNA.US) saw its stock price drop, with the stock falling over 17% to $98.2 as of the time of writing. The company significantly lowered its full-year sales guidance, citing a decrease in expected sales in the European market, the "competitive environment" in the U.S. respiratory vaccine market, and the possibility that its revenue expectations in international markets may be delayed until 2025. The biotechnology company currently expects product revenue in 2024 to be between $3 billion and $3.5 billion, lower than the previous expectation of $4 billion.
The company's second-quarter revenue was $241 million, down approximately 30% from $344 million in the same period last year, with the market expecting $132 million, including a 37% year-on-year decrease in product sales of the COVID-19 vaccine. The net loss was $1.28 billion, or $3.33 per share, compared to the market expectation of a loss of $3.39 per share. In comparison, the net loss in the same period last year was $1.38 billion, or $3.62 per share