Moderna stock tumbles after quarterly earnings show revenue declines
The vaccine maker's stock fell by 4% in early morning trading
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Shares of Moderna Inc. fell after the company lowered its sales guidance for 2022 and missed revenue expectations for the third quarter.
Previously, the COVID-19 vaccine maker estimated end-of-year revenue would land at $21 billion. But, on Thursday, it changed those expectations to between $18 and $19 billion.
The company cited supply chain issues that have delayed its vaccine distribution for the revenue decline.
Syringes sit in front of a Moderna logo in this illustration from Nov. 27, 2021. (REUTERS/Dado Ruvic/Illustration/File Photo / Reuters)
Overall third-quarter net income for Moderna stands at $1.043 billion, down from $3.333 billion, or $7.70 a share, from the prior year. Revenue also fell from $4.9 billion to $3.3 billion by the end of September.
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Moderna's stock declined by 4% in early morning trading.
Moderna's shares declined in early morning trading Thursday after the company released poor third-quarter earnings. (REUTERS/Mike Segar/File Photo / Reuters)
"Today's earnings continue to show strong corporate momentum," Stéphane Bancel, Moderna's CEO, said in a statement to investors. "With $13.6 billion in product sales through the first three quarters of the year, and advance purchase agreements for anticipated delivery this year now expected to produce around $18 to $19 billion of product sales, we continue to have a strong financial position as we prepare for multiple upcoming global product launches."
The company's share so far this year has fallen by 42% as its cash positions stand at $17 billion, a decline from $18.1 billion the previous quarter.
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Despite the recent revenue decline, Moderna expects demand for its COVID-19 vaccine to bring in income similar to annual revenue for the flu vaccine.