Moderna (NASDAQ:MRNA) stock is falling on Thursday following the release of the vaccine company’s earnings report for the third quarter of 2022.
The bad news for investors in MRNA stock starts with its diluted earnings per share of $2.53. That’s well below the $3.29 per share that Wall Street had expecting during the quarter. It’s also a 67% drop from the same period of the year prior.
Adding to these woes is Moderna’s revenue of $3.4 billion. This is another a miss, with Wall Street’s revenue estimate sitting at $3.53 billion. It’s also a 32% drop from the $5 billion reported in Q3 2021.
A Poor Outlook Isn’t Helping MRNA Stock
To go along with its lackluster Q3 results, Moderna also updated guidance for 2022. The company now expects full-year revenue from “advance purchase agreements for anticipated delivery” to range between $18 billion and $19 billion. That’s down from the prior outlook of $21 billion for the year.
In the earnings report, Moderna CEO Stéphane Bancel attempted to spin today’s news as positive:
“Today’s earnings continue to show strong corporate momentum. With $13.6 billion in product sales through the first three quarters of the year, and advance purchase agreements for anticipated delivery this year now expected to produce around $18 to $19 billion of product sales, we continue to have a strong financial position as we prepare for multiple upcoming global product launches.”
Despite this attempt, shares of MRNA stock are down 4.6% as of Thursday morning.
Investors seeking out more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news for Thursday! That includes the biggest pre-market stock movers from this morning, as well as the latest on Match Group (NASDAQ:MTCH) and Forza XI (NASDAQ:FRZA) shares. You can catch up more on these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
