Shares of biotechnology company Moderna (NASDAQ:MRNA) are in focus today after it posted second-quarter numbers with revenue nosediving 92.8% year-over-year to $344 million. Despite this fall, the figure still landed better than expectations by $38.4 million.
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Further, net loss per share at $3.62 too came in narrower than estimates by $0.32. Importantly, despite the steep fall in sales, Moderna now expects COVID-19 vaccine sales to hover between $6 billion and $8 billion for the year. Further, with a potential 2024 launch in mind, it has also submitted its investigational RSV vaccine to multiple regulators worldwide.
The company now has four infectious disease vaccines in its late-stage pipeline in Phase 3 trials and expects the products to hit the market in 2024, 2025, and 2026. Looking ahead, for the full-year 2023, Moderna expects existing APAs (advance purchase agreements) to contribute $4 billion to revenue with additional sales to the U.S., Japan, EU, and other countries hovering between $2 billion to $4 billion. Capital expenditures for the year are anticipated at $1 billion.
Overall, the Street has a $181.93 consensus price target on Moderna alongside a Moderate Buy consensus rating. This points to a massive 65% potential upside in the stock.
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