Biotechnology Giant Moderna Experienced a Significant Decline in Business Figures in the First Quarter of 2024, Despite Better-Than-Expected Revenue. During the reporting period, the company recorded a substantial loss of $3.07 per share, which nevertheless exceeded Wall Street forecasts of -$3.557 per share. Compared to the previous year, when a profit of $0.200 per share was reported, this marks a significant deterioration in financial position.
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Revenues plummeted dramatically, dropping from $1.87 billion in the previous year's quarter to just $167 million. However, this figure exceeded analysts' expectations, which had anticipated revenues of only $93.3 million.
The negative developments were also reflected in the share price, which fell by 1.46 percent to 109.83 US dollars in pre-market trading on NASDAQ. The drastic reduction in revenues highlights the challenges that Moderna is facing, especially after the expiration of high revenues from COVID-19 vaccines.
