Moderna Beats Q2 Estimates but Stock Tumbles 7.2% on Norovirus Failure, Covid Dependence
MRNA has more than doubled off its 52-week low of $22.28.
Summary
Moderna's Q2 revenue of $145M and loss of $1.97/share both beat consensus, but shares fell 7.2% premarket as the norovirus vaccine failure and heavy reliance on Covid sales overshadowed the beat. The company reiterated full-year guidance of 10% revenue growth, with 55% of H2 revenue expected in Q3. Spikevax sales were buoyed by UK deliveries, masking declines in the US and South America. The norovirus vaccine did not meet statistical criteria for early success in a late-stage trial. Watch for the FDA decision on the mRNA-1010 flu vaccine, expected in the coming months.
At the time of this announcement, MRNA was trading at $53.60 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $23B. The 52-week trading range was $22.28 to $85.60. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.