Despite sales dive, Moderna ups full-year outlook

Like other pharma majors that achieved huge sales and profits at the height of related to the COVID-19 pandemic, which has since subsided, pioneering US mRNA company Moderna (Nasdaq: MRNA) reported a massive decline in second-quarter 2023 revenues. Moderna’s shares were up 5% pre-market but closed virtually unchanged.

Total revenue for the second quarter of 2023 was $344 million, compared to $4.7 billion in the same period in 2022, mainly due to a decrease in sales of the company's COVID-19 vaccine, trade named Spikevax and Moderna’s only currently approved product. The figure was higher than Bloomberg estimates of $321.8 million. Product sales for the second quarter of 2023 were $293 million, a decrease of 94%, primarily driven by lower sales volume.

Net loss was $1.4 billion, compared to net income of $2.2 billion for the second quarter of 2022. Diluted loss per share was $3.62, compared to diluted earnings per share (EPS) of $5.24 for the second quarter of 2022, although this was still narrower than estimates for a $4.04 loss.