Moderna (MRNA) swung to a loss and posted a steep drop in quarterly sales, weighed down by soft demand for its Covid-19 vaccine.
The company also forecast sales of about $4 billion for next year, softer than Wall Street analysts were expecting. Moderna said it doesn’t expect to return to organic sales growth until 2025. Chief Executive Stéphane Bancel said the company expects to break even in 2026.
During the third quarter, Moderna booked $3.1 billion in charges tied to excess Covid-19 vaccine doses and other costs, including the winding down of some manufacturing operations.
