Moderna misses on earnings as costs rise from surplus production capacity, lower Covid shot demand
Publishing timestamp: 2023-02-23 12:20:18
Summary
Moderna reported quarterly earnings of $3.61 per share, 68% lower than the same period in 2021 and below expectations of $4.68 per share. The company has contracts for $5 billion in Covid vaccine deliveries for 2023, but faces rising costs due to surplus manufacturing capacity and lower demand for the vaccine. Moderna also missed earnings expectations for the fourth quarter, and its only product on the market is the Covid-19 vaccine. The company is in discussions with customers for fall contracts and is looking to get FDA approval for a vaccine that protects older adults from respiratory syncytial virus.
Sentiment: NEGATIVE
Tickers: MRNA,
Keywords: business, coronavirus, health care industry, u.s. economy, moderna inc, breaking news: business, business news, earnings, pandemics, pharmaceuticals, vaccinations, disease outbreaks, epidemics, biotech and pharmaceuticals, politics, biotechnology,
Source: https://www.cnbc.com/2023/02/23/moderna-mrna-q4-earnings-2022.html