Moderna (NASDAQ:MRNA) announced mixed results in the first quarter. The company swung to a loss of $3.07 in the first quarter, compared to earnings of $0.19 per share in the same period last year. This was narrower than analysts’ forecasts of a loss of $3.55 per share.
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The pharma and biotech company’s revenues plunged by more than 90% year-over-year to $167 million due to the reduced sales of its COVID-19 vaccine. This was below Street estimates of $175.6 million.
Moderna’s RSV Vaccine Expected to Drive Sales
Moderna anticipates U.S. approval for its respiratory syncytial virus (RSV) vaccine by May 12, with a planned launch in the third quarter. Earlier this year, the company had stated that it is looking to launch the RSV vaccine this year, while a potential flu/COVID combo is expected to be launched in 2025. Moderna anticipates that the launch of these vaccines could drive its sales growth in 2025.
MRNA Reaffirms FY24 Forecast
The company reaffirmed its FY24 sales forecast of around $4 billion, including revenue from its RSV vaccine. It anticipates sales of $300 million in the first half of the year, with most of the revenues likely to be generated in the latter half of the year due to the respiratory virus season.
What Is the Forecast for MRNA Stock?
Analysts remain cautiously optimistic about MRNA stock, with a Moderate Buy consensus rating based on eight Buys, six Holds, and two Sells. Year-to-date, MRNA has increased by more than 10%, and the average MRNA price target of $122.87 implies an upside potential of 10.2% from current levels. These analyst ratings are likely to change following MRNA’s earnings today.
