Moderna (NSDQ:MRNA) shares took a big hit today on third-quarter results that came up short of the consensus forecast.
MRNA shares were down 17.1% at $286.80 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.
The Cambridge, Massachusetts-based company posted profits of $3.3 billion, or $7.70 per share, on sales of $5 billion for the three months ended Sept. 30, 2021, for a massive bottom-line gain from losses of $233 million this time last year on more than 30 times the revenues registered a year ago.
Moderna’s EPS of $7.70 came in $1.35 behind Wall Street, where analysts were looking for sales of $6.2 billion.
The company’s sales numbers were heavily influenced by its COVID-19 vaccine, which registered $4.8 billion in revenue from the sales of 208 million doses. The company has produced $10.7 billion in revenues from the sale of 510 million doses through the first nine months of 2021.
“We are humbled to have helped hundreds of millions of people around the world with our COVID-19 vaccine and yet we know our work is not done,” Moderna CEO Stéphane Bancel said in a news release. “We will not rest until our vaccine is available to anyone who needs it, and we are working hard to ensure our vaccine is available in low-income countries with approximately 10% of our 2021 volume and significantly more of our 2022 volume going to low-income countries. It is promising to see the real-world evidence showing that the Moderna COVID-19 vaccine shows sustainably high, durable efficacy.”
Moderna did not offer financial guidance for the remainder of 2021.