Moderna posts quarterly loss as company takes $1.3 billion write-down on unused Covid shots

Still, Moderna's total revenue for the period topped Wall Street's expectations.on Thursday posted a steep loss for the third quarter as the drugmaker recorded a large write-down due to unused

Here's what Moderna reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Moderna posted a net loss of $3.63 billion, or $9.53 per share, for the quarter. That compares with net income of $1.04 billion, or $2.53 per share, reported during the year-ago period.

Cost of sales for the quarter came in at $2.2 billion. That included a $1.3 billion charge for vaccines that have exceeded their shelf life and a contract manufacturing wind-down cost of $500 million, among other costs. Moderna reiterated its current full-year outlook of at least $6 billion in Covid vaccine sales, but did not provide a range for that forecast. In August, Moderna said it expected its shot to rake in $6 billion to $8 billion in revenue in 2023.The company said its guidance assumes Covid vaccine trends will be consistent with last fall, but noted that U.S. vaccination rates are still the "largest remaining variable to sales for the year.

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