Moderna Q3 earnings and sales disappoint
By Alexander Bueso
Date: Thursday 03 Nov 2022
(Sharecast News) - Biotechnology outfit Moderna missed analysts' estimates for third quarter earnings and sales by a wide margin.
Revenues shrank from $4.97bn one year earlier to $3.36bn this year (FactSet: $3.52bn).
Earnings per share also fell short of forecasts, coming in at $2.53, against $7.70 one year before and analysts' estimates for $3.30.
The company's boss, Stephen Bancel, touted the company's technology platform and pipeline of clinical trials.
"It has never been clearer that the future of medicine is upon us," Bancel said.
"As a platform company with scale and resources, Moderna is uniquely positioned to execute on exciting programs in flu, RSV, rare diseases and immuno-oncology, where we have an imminent Phase 2 data read-out."
A primary efficacy readout from a phase 2 study into its personalised cancer vaccine programme, known as mRNA-4157/V940, was expected before the year was out.
Another readout regarding efficacy from a phase 3 trial into its vaccine against Respiratory Syncytial Virus might follow during the winter, the company said.
Nonetheless, market commentary dubbed the outfit's guidance as weak.
Moderna guided towards revenues from its Advanced Purchase Agreements for product sales for anticipated delivery of $18-19bn, reflecting deferrals of $2-3bn into 2023.
As of 1154 GMT, shares of Moderna were off by 10.98% to $132.31 in pre-market trading.
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