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HomeBusinessModerna misses Q3 expectations, net income dips 69%; defers vaccine sales

Moderna misses Q3 expectations, net income dips 69%; defers vaccine sales


Sliding COVID-19 sales and rising expenses for Moderna combined to produce a third quarter that missed Wall Street expectations.

The developer also said on Thursday that it was dialling back its revenue expectations from advance purchase agreements for this year, as some sales will be deferred to 2023.

Moderna also said on Thursday that between USD 2 billion and USD 3 billion in sales will be deferred to next year, and the company now expects between USD 18 billion and USD 19 billion in revenue from advance purchase agreements this year.

That’s down from the approximately USD 21 billion it forecast in August.

Company shares tumbled in early-morning trading.

The vaccine developer said its Spikevax vaccine brought in USD 3.12 billion in sales during the quarter, a 35 per cent drop compared to last year.

Moderna also scaled back expectations for COVID-19 vaccine deliveries in last year’s third quarter due to supply issues. CEO Stephane Bancel said then that the problems were short-term and can be fixed.

The COVID-19 vaccine is Moderna’s main source of revenue, outside of grants and money from collaborations. Total revenue fell 32 per cent to USD 3.36 billion.

The company’s net income slid 69 per cent to USD 1.04 billion, and earnings per share totalled USD 2.53.

Analysts were looking for earnings of USD 3.30 per share on USD 3.53 billion in revenue, according to FactSet.

Moderna’s operating expenses jumped 56 per cent to USD 2.2 billion, as the company spent more on research and hired additional employees.

Company shares fell more than 11 per cent, or USD 17.30, to USD 131.32 in premarket trading.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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