Moderna Reports Quarterly Loss But Raises COVID Vaccine Sales Outlook Despite Waning Demand

Moderna reported a loss of $1.2 billion in the second quarter of 2023.
The company's COVID-19 vaccine sales dropped 94% compared to last year but still beat analysts' estimates.
Moderna raised its full-year outlook for COVID vaccine sales to $6-8 billion, up from $5 billion, based on potential demand in the fall.
The company is developing updated vaccines targeting new COVID variants and working on vaccines for other viruses like RSV and the flu.
Moderna's stock price rose slightly in pre-market trading despite the quarterly loss.