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Moderna Shares Dip Despite Revenue Beat as Norovirus Trial Falters
31 Jul
Summary
- Moderna's Q2 revenue surpassed estimates, driven by COVID-19 vaccine sales.
- An experimental norovirus vaccine candidate failed to meet early success benchmarks.
- The company expects its flu vaccine to receive FDA decision by August 5.
Moderna reported better-than-expected revenue for the second quarter, exceeding Wall Street estimates. This performance was primarily driven by robust sales of its COVID-19 vaccine. The company is strategically positioning its upcoming flu vaccine and a potential combination COVID-flu shot to counter the decrease in pandemic-related vaccine revenue. The U.S. Food and Drug Administration (FDA) is expected to make a decision regarding Moderna's flu vaccine application by August 5.
Despite the positive revenue figures, Moderna's stock saw a downturn in premarket trading. This was attributed to its experimental norovirus vaccine candidate not meeting the required statistical benchmarks in an interim analysis of a late-stage study. The company reiterated its full-year revenue growth expectation of up to 10%, with approximately half of that revenue anticipated from the U.S. market.
