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Investing.com - Moderna has reported a sharp drop in third-quarter revenue, but still topped Bloomberg consensus estimates, while the drugmaker also trimmed its full-year sales forecast.
The pharmaceutical group, which has been grappling with weakening post-pandemic demand for COVID-19 vaccines, posted a 45% decline in quarterly revenue to $1.02 billion. However, Wall Street projections had seen the figure at $829.1 million, as revenue generated by the COVID-19 jab outpaced expectations -- albeit at levels well below those seen during the height of the pandemic.
A steep fall in operating expenses helped to bolster Moderna’s bottom-line returns as well, with the group recording a loss per share of $0.51 -- a reversal of earnings notched a year ago, yet still better than estimates for a loss of $2.21.
Peer Pfizer recently flagged that revenue from COVID-19 jabs could be dented by a downturn in infection rates and changes to vaccination guidance in the United States. In September, a group of advisers at the Centers for Disease Control and Prevention recommended that the shots only be administered following shared decision-making with a physician, placing a potential barrier in the path of those seeking to attain the vaccine.
Speaking to Reuters, Moderna CFO James Mock said the timing of the CDC’s announcement factored into a drop in sales in the U.S.
Against this backdrop, Massachusetts-based Moderna said it now expects to deliver revenue of $1.6 billion to $2 billion in its current year, compared to a prior forecast of $1.5 billion to $2.2 billion.
Shares of Moderna climbed by more than 5% in premarket U.S. trading on Thursday.