Moderna (MRNA) reported second-quarter losses and plummeting sales Thursday, and MRNA stock dipped despite boosting its outlook for the year.
The company is working to launch an updated Covid booster shot this fall. Now, Moderna expects $6 billion to $8 billion in full-year sales. Most of those sales are expected in the fourth quarter. The updated outlook easily beats Moderna's first-quarter call for around $5 billion in sales this year, and is just below Wall Street's forecast for $7.06 billion.
On the stock market today, MRNA stock edged down 0.2% to 109.95.
Overall, Moderna's second-quarter sales crashed 93% to $344 million, but beat the forecast of analysts polled by FactSet for $308 million. Moderna noted lower demand for its Covid vaccine, the company's only commercial product.
Moderna also reported a $3.62 per-share loss, reversing from a gain of $5.24 in the year-earlier period. But that beat analysts' call for a loss of $3.93 per share.
