Biotechnology company Moderna, Inc. (NASDAQ: MRNA) Thursday reported a sharp decline in revenues for the second quarter of 2024.
- Second-quarter revenues decreased to $241 million from $344 million in the prior-year period
- Net loss narrowed to $1.28 billion or $3.33 per share in Q2 from $1.38 billion or $3.62 per share a year earlier
- Net product sales for the quarter were $184 million, reflecting a 37% decrease from the same period in 2023
- For fiscal 2024, the company expects total product sales to be between $3.0 billion and $3.5 billion
- Full-year cost of sales is expected to be in the range of 40-50% of product sales
- Q2 cost of sales was $115 million, including third-party royalties unutilized manufacturing capacity & wind-down costs, and inventory write-downs
- Cash, cash equivalents, and investments as of June 30, 2024, were $10.8 billion, vs. $12.2 billion as of March 31, 2024
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