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Moderna (MRNA.US) fell more than 17% after a sharp cut to its full-year sales outlook.

AInvestThursday, Aug 1, 2024 11:00 am ET
1min read

We learned from Zhitong Finance that on Thursday, the share price of Moderna(MRNA.US) fell, and as of the time of writing, the stock has fallen over 17% to $98.2. The company has significantly lowered its full-year sales forecast due to the expected decrease in sales in the European market, the "competitive environment" in the US respiratory vaccine market, and the delay in its expected international sales revenue to 2025. The biotechnology company currently expects product revenue of $3-3.5 billion in 2024, lower than the previous expectation of $4 billion.

The company reported a revenue of $241 million, down about 30% year-on-year from $344 million in the previous year, below the market expectation of $132 million. The product sales of the COVID-19 vaccine fell by 37%. The net loss was $1.28 billion, or $3.33 per share, below the market expectation of $3.39 per share. In contrast, the net loss was $1.38 billion, or $3.62 per share, in the same period last year.

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