Moderna revenue beats estimates despite COVID vaccine sales slump

Investing.com -- Moderna (NASDAQ:MRNA) has reported better-than-expected revenue in the second quarter despite falling steeply due to weaker post-pandemic demand for its COVID-19 vaccine.

Total revenue at the U.S. biotech group came in at $344 million over the three months ended on June 30, a 93% drop from the $4.75 billion registered in the corresponding period last year. But the figure was higher than Bloomberg estimates of $321.8M.

Moderna dipped to a net loss of $3.62 per share, weighed down by inventory writedowns and other charges, although this was still narrower than estimates for a $4.04 loss.

Shares in Moderna rose in premarket trading on Thursday.

The company's COVID-19 vaccine, which governments had raced to procure during the height of the health emergency, brought in $300M in sales, down from $1.8 billion in the first quarter. However, first-half vaccine sales of $2.1B met the firm's estimates.

Moderna said it now expects 2023 sales from COVID-19 vaccines to be between $6B and $8B, with much of this amount stemming from advance purchase agreements as well as signed and anticipated commercial contracts in the U.S. and other markets. The guidance was better than a previous forecast of $5B, thanks in part to the U.S. potentially snapping up 50 million to 100 million doses during the fall season.

Like rival Pfizer (NYSE:PFE), Moderna is hoping that demand for an updated COVID-19 shot targeting the XBB.1.5 variant of the disease will help turn around slipping sales.