Moderna’s stock jumps 5% premarket after narrower-than-expected loss and revenue beat

Moderna Inc.’s stock rallied 5.5% in premarket trade Thursday, after the COVID vaccine market posted a narrower-than-expected second-quarter loss and revenue that was far below last year’s but still topped consensus estimates. The company had a net loss of $1.38 billion, or $3.62 a share, for the quarter, after income of $2.197 billion, or $5.24 a share, in the year-earlier period. Revenue fell sharply to $344 million from $4.749 billion a year ago, when demand for COVID vaccines remained strong. The FactSet consensus was for a loss of $3.93 and revenue of $308 million. Sales of the company’s COVID vaccine came to $300 million for the quarter, and are expected to total $6 billion to $8 billion for all of 2023, depending on U.S. vaccination rates. The vaccine is Moderna’s first and for now only FDA-approved product although it has several products in the pipeline, including an RSV vaccine that it hopes will win approval and be launched in 2024. The stock has fallen 39% in the year to date, while the S&P 500 has gained 18%.

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