Moderna reported better-than-expected second-quarter earnings before the bell on Friday amid a recent large cut to its workforce.
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The biotech company reported an earnings per share loss of $2.13 on a $142 million revenue, a 41% decrease from the same time last year, with a net loss of $800 million.
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Zacks Research had projected Moderna would report an earnings per share loss of $2.99 with $127 million in sales. And a LSEG survey of analysts anticipated an earnings per share loss of $2.97 on a $113 million revenue, CNBC reported.
Its stock opened at $27.64 and has since dropped more than 8%. Moderna stock has fallen more than 30% this year.
On Thursday, ahead of its earnings report, Moderna announced it was laying off 10% of its workforce globally with the expectation that it’ll have fewer than 5,000 workers by the end of 2025.
CEO Stéphane Bancel said in a note to employees about the jobs cuts that “every effort was made to avoid affecting jobs” as the company has sought to cut costs by reducing research and development, renegotiating supplier agreements, and minimizing manufacturing costs.
Moderna also reported in its earnings $114 million in sales for its Covid-19 vaccine, including $88 million sales in the U.S. But Moderna said it earned “negligible” sales for its RSV vaccine.
“In the last three months, we advanced our pipeline with positive Phase 3 flu vaccine efficacy data and expanded our commercial portfolio with three new U.S. FDA approvals to drive future sales growth,” Bancel said in a release. “Looking forward, we have important catalysts over the next six months across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.”
Moderna attributed its lacking Covid-19 vaccine sales to a demand they believe will be concentrated in the second half of 2025 — a sentiment it reiterated from its first-quarter earnings.
In the previous quarter, Moderna reported a revenue of $108 million with a net loss of $1 billion.
The company updated its 2025 guidance to include an estimated revenue of $1.5 to $2.2 billion, which Moderna said shows a $300 million cut due to delays in shipments to the U.K., and operating expenses of $5.9 to $6.1 billion with a cash balance of about $6 billion.