Moderna Reports Quarterly Loss Amid Reduced COVID-19 Vaccine Demand
Key Highlights:
* Quarterly loss of $2.91 per share, exceeding analyst estimates of $2.68 per share
* Total revenue declined by 66% to $966 million, surpassing expectations
* Non-cash charge of $238 million related to terminated manufacturing agreement contributed to loss
* Sales of COVID-19 vaccine reached $923 million, RSV vaccine generated $15 million
* Company announces plans to reduce expenses by $1 billion in 2023, an additional $500 million in 2026
* Stock price has fallen significantly due to decreased COVID-19 vaccine sales and lower-than-expected uptake of RSV vaccine
* Pending approval for use of RSV vaccine in high-risk adults aged 18-59 years old