Moderna on Thursday posted a steep loss for the third quarter as the drugmaker recorded a large write-down due to unused doses of its Covid vaccine, its only marketable product.
Revenue: $1.83 billion vs. $1.40 billion expectedShares of Moderna fell more than 10% in premarket trading Thursday.
Moderna posted a net loss of $3.63 billion, or $9.53 per share, for the quarter.
The biotech company generated third-quarter sales of $1.83 billion, with sales of its Covid shot dropping 44% from the same period a year ago.
In August, Moderna said it expected its shot to rake in $6 billion to $8 billion in revenue in 2023.
Persons:
Stéphane Bancel, Bancel, Moderna
Organizations:
Moderna, LSEG, Revenue
Locations:
U.S