Moderna (MRNA) reported their Q3 financial results before the opening bell on Thursday. The pharmaceutical company posted disappointing results below Wall Street analyst expectations.
The company reported total revenue of $4.97 billion vs. $6.21 billion expected. Earnings per share at $7.70 a share vs. $9.05 a share expected.
It also downgraded Covid vaccine sales for 2021 from $20 billion to between $15-$18 billion.
Stéphane Bancel, Chief Executive Officer of Moderna on the results: ”We are humbled to have helped hundreds of millions of people around the world with our COVID-19 vaccine and yet we know our work is not done. We will not rest until our vaccine is available to anyone who needs it, and we are working hard to ensure our vaccine is available in low-income countries with approximately 10% of our 2021 volume and significantly more of our 2022 volume going to low-income countries. It is promising to see the real-world evidence showing that the Moderna COVID-19 vaccine shows sustainably high, durable efficacy.”
”Looking ahead, we are focused on advancing the many other programs in our pipeline. We recently dosed the first participants in the Phase 3 study of our CMV vaccine. CMV is a latent virus that remains in the body for life after infection and can lead to lifelong medical conditions. We are also focused on addressing respiratory viruses in addition to COVID-19, including seasonal flu and RSV. We look forward to sharing data from the Phase 1 study of our flu vaccine candidate soon and we are preparing to start our Phase 2 study. We are also preparing to start the Phase 2/3 study of our RSV vaccine candidate. RSV causes hospitalizations and deaths in our most vulnerable populations of young children and older adults. In addition, we continue to progress our therapeutics pipeline and we look forward to clinical proof of concept data. I would like to thank the Moderna team for their scientific passion and commitment to our mission. I am more energized than ever by the impact our mRNA platform will have on human health.”
Moderna chart (1Y)
Share price of Moderna tumbled by around 18% after the disappointing Q3 results, trading at $286 per share. Despite the dip, the stock is up by over 300% in the past year.
Moderna is the 131st largest company in the world and 14th largest pharmaceutical company with a total market cap of $116.32 billion.
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Sources: Moderna, Refinitiv, TradingView, CompaniesMarketCap
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