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Investing.com - Moderna has lowered the top end of its full-year revenue forecast, citing a delay in the timing of deliveries of its COVID-19 jab to the United Kingdom (TADAWUL:4280), presenting a fresh setback for a company already aiming to slash expenses and boost recently tepid demand.
The vaccine maker said it now anticipates that annual revenue will come in at $1.5 billion to $2.2 billion, compared to a prior estimate of $1.5 billion to $2.5 billion, flagging the impact of change in the expected date of the shipments to the first quarter of its next fiscal year from the second half of 2025. Bloomberg consensus estimates had called for guidance of $2.07 billion.
Shares of Moderna (NASDAQ:MRNA) sank in premarket U.S. trading. The stock has slumped by more than 29% so far this year.
Friday’s announcement comes after Moderna announced a sweeping headcount reduction earlier this week that will see it slash around 10% of its global staff and have less than 5,000 employees by the end of the year. Moderna has been pushing to bring down costs as it grapples with flagging sales of its once mega-popular COVID-19 vaccines.
Such cost-cutting efforts helped to bring overall operating expenses for the second quarter down by 35% versus a year ago to $1.05 billion. Bancel said Moderna now expects full-year operating expenses to be between $5.9 billion to $6.1 billion, an improvement of approximately $400 million from its prior outlook.
Quarterly revenue, meanwhile, dropped by 41% to $142 million, but topped expectations for $108.5 million. Moderna’s loss per share of $2.13 for the period was also less than analysts had anticipated.