Moderna (MRNA) reported mixed fourth-quarter earnings on Friday, with revenue beating estimates but missing on earnings per share. The company’s stock dropped 5% in premarket trading before rebounding sharply after the opening bell.
Revenue from Moderna’s biggest product, Spikevax, drove the beat, generating $3.1 billion for the year. However, sales of its RSV vaccine brought in only $15 million. The company missed on earnings per share due to lower sales and a one-time charge related to ending a manufacturing contract.
Analysts at Jefferies expressed concerns about Moderna’s path to profitability, with CEO Stéphane Bancel stating that the company aims to reduce costs by 27% in 2024 compared to 2023. However, the new administration under Robert F. Kennedy Jr.’s leadership has raised concerns about vaccine effectiveness and safety.
Bancel is expected to address these implications during an upcoming earnings call. The stock’s reaction to RFK Jr.’s confirmation was muted, but analysts expect discussion of the topic, as well as 2025 guidance and clinical updates.
Source: https://finance.yahoo.com/news/moderna-stock-up-at-the-opening-bell-despite-mixed-2024-earnings-124343114.html