Posted 2/22/2024, 9:10:00 PM
Moderna Beats Expectations with Surprise Profit, Though COVID Vaccine Sales Continue to Decline
- Moderna posted a surprise profit in Q4, earning 55 cents per share vs an expected loss of 99 cents per share
- Revenue was $2.8 billion, beating forecasts of $2.51 billion, partly due to deferred revenue
- Moderna is cutting expenses and aims to launch an RSV vaccine in 1H 2023 to add to its COVID-19 vaccine
- Sales declined 45% in Q4 and are expected to drop to at least $4 billion in 2023 before returning to growth in 2025
- The stock surged 14% on the earnings beat, though shares have lagged recently with a low relative strength rating