Moderna Reports Narrower-Than-Expected Loss for Q2

Moderna Inc.'s stock (MRNA) experienced a 5.5% surge in premarket trade on Thursday following the release of their second-quarter financial results. Despite posting a significant loss in comparison to the previous year, the company's revenue still exceeded consensus estimates.

Financial Performance

In Q2, Moderna reported a net loss of $1.38 billion, equivalent to $3.62 per share. This starkly contrasts with their income of $2.197 billion, or $5.24 per share, during the same period last year. The company's revenue also experienced a considerable decline, falling from $4.749 billion to $344 million. However, this figure managed to surpass expectations.

The FactSet consensus had projected a loss of $3.93 per share and revenue of $308 million. Moderna's actual performance showcased resilience despite the subdued demand for COVID vaccines during this period.

COVID Vaccine Sales

Moderna generated $300 million in sales from their COVID vaccine during the quarter. Looking ahead, the company anticipates total sales ranging from $6 billion to $8 billion for the entirety of 2023, depending on U.S. vaccination rates. It is crucial to note that the COVID vaccine remains as Moderna's lone FDA-approved product at present. Nonetheless, the company has several promising products in its pipeline, including an RSV vaccine set for potential approval and launch in 2024.

Stock Performance

Year-to-date, Moderna's stock has experienced a 39% decrease, while the S&P 500 has shown an 18% increase.

As Moderna perseveres through the evolving landscape of the COVID-19 pandemic, their ability to adapt and continuously innovate remains key to their future success.