Moderna Stock Sinks On Lowered 2024 Outlook, Cites Low European Sales, Competitive RSV Vaccine Market
Portfolio Pulse from Vandana Singh
Moderna Inc (NASDAQ:MRNA) stock dropped significantly after the company lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines, particularly in Europe. The company now projects 2024 net sales of $3 billion to $3.5 billion, down from the previous $4 billion estimate. Moderna also reported a second-quarter revenue decline and a net loss, although both figures surpassed consensus estimates.
August 01, 2024 | 2:46 pm
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Moderna's stock fell sharply after the company lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines, particularly in Europe, and increased competition in the respiratory vaccine market. The company now expects 2024 net sales of $3 billion to $3.5 billion, down from the previous $4 billion estimate. Despite a decline in second-quarter revenue and a net loss, both figures surpassed consensus estimates.
The lowered sales guidance for 2024, driven by weaker demand in Europe and increased competition, is a significant negative factor for Moderna's stock. Although the company reported better-than-expected Q2 revenue and net loss, the overall outlook remains concerning for investors.
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