Moderna Inc. shares undefined slid 14% in premarket trade Thursday, after the COVID vaccine maker posted far weaker-than-expected third-quarter earnings and...
Moderna Inc. shares MRNA, -3.88% slid 14% in premarket trade Thursday, after the COVID vaccine maker posted far weaker-than-expected third-quarter earnings and said short-term supply constraints would impact 2022 advance purchase agreements. The Cambridge, Mass.-based biotech posted net income of $1.043 billion, or $2.53 a share, for the quarter, down from $3.333 billion, or $7.70 a share, in the year-earlier period. Revenue fell to $3.364 billion from $4.969 billion a year ago.
Third-quarter revenue was hurt by a decline in sales of its COVID vaccine, as well as lower sales volume due to the timing of market authorizations for its bivalent COVID booster and the related manufacturing time ramp-up. Cost of sales came to $1.1 billion, or 35% of product sales, including a $333 million charge for inventory writedowns relating to COVID products that exceeded their shelf life prior to being used.
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