Moderna Slips To Hefty Loss In Q3; Expects To Return To Sales Growth In FY25, To Break Even In FY26

(RTTNews) - Moderna, Inc. (MRNA) reported Thursday that its third-quarter net loss was $3.63 billion, compared to prior year's net income of $1.04 billion.

Loss per share was $9.53, compared to earnings per share of $2.53 a year ago.

The results primarily reflected non-cash charges of $3.1 billion related to resizing and tax allowances.

Analysts on average had expected the company to report loss of $1.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenue for the third quarter declined to $1.83 billion from prior year's $3.36 billion, mainly due to a decrease in sales of the Company's COVID-19 vaccine.

The Street was looking for revenues of $1.32 billion for the quarter.

Net product sales were $1.76 billion, a decrease of 44 percent, primarily driven by lower sales volume and partially offset by a higher average selling price.

Looking ahead for fiscal 2023, the company now expects product sales of at least $6 billion.

For fiscal 2024, Moderna is projecting approximately $4 billion in sales, mostly in the second half of the year, primarily due to COVID-19 vaccine global sales and the launch of its RSV vaccine.

The Company expects its COVID-19 franchise to be profitable in its anticipated sales scenarios for 2024 and beyond.

Further, the company expects to return to organic sales growth in 2025.

In 2026, Moderna expects to break even through product launches and disciplined investments.

In pre-market activity on Nasdaq, Moderna shares were losing around 2.2 percent to trade at $74.50.

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