Moderna reports 3rd-qtr sales decline and cuts forecasts

Shares of US mRNA-focussed biotech Moderna (Nasdaq: MRNA) slid more than 11% pre-market yesterday, before recovering to close down 0.76% at $147.50, as it reported financial results.

Total revenue for the third quarter of 2022 was $3.4 billion compared to $5.0 billion in the same period in 2021, mainly due to a decline in sales of the company's COVID-19 vaccines. Product sales for the third quarter of 2022 were $3.1 billion, a decrease of 35%, compared to the same period in 2021, primarily driven by lower sales volume due to the timing of market authorizations for our COVID-19 bivalent boosters and the related manufacturing ramp up. This was slightly below consensus estimates of $3.2-$3.4 billion.,

Net income decreased by 69% to $1.0 billion on a generally accepted accounting principles (GAAP) basis, and GAAP diluted earnings per were $2.53, a fall of 67% compared to the like 2021 quarter.