Moderna reported second-quarter revenue that beat estimates and a narrower than-expected loss for the period.
The company has started shipping doses of its vaccine for respiratory syncytial virus, called mRESVIA, in the U.S. following itsin May for older adults. It's Moderna's second-ever commercially available product after its Covid vaccine, which has seen demand plunge as the world emerges from the pandemic and relies less on protective shots and treatments.Moderna CEO Stephane Bancel said there has been"more intensity of competition" for both RSV and Covid vaccines.
Here's what Moderna reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The company booked second-quarter revenue of $241 million, with product sales from its Covid shot dropping 37% from the same period a year ago. Moderna reported $344 million in revenue in the prior-year period.
Bancel said the company lost less than Wall Street expected in part due to its progress in cutting costs. Research and development expenses for the second quarter increased by 6% to $1.2 billion compared with the same period in 2023. That increase was primarily due to personnel costs, including a higher headcount.