Moderna (MRNA) shares tumbled over 6% Thursday after 🐓reporting a steep loss as the drug maker lost sales ♛and cut back on making its COVID-19 vaccine, Spikevax, with demand waning.

Moderna posted a third quarter fiscal 2023 loss of $3.6 billion, or $9.53 per share. The company indicated that much of the decline was related to cutting back on production of Spikevax as well as tax valuation allowance. Revenue sank 46% year-over-year to $1.83 billion, which the company blamed on a decrease in the vaccine's sales.

CEO Stéphane Bancel explained that Moderna "significantly resized our manufacturing infrastructure to make our COVID-19 franchise profitable for 2024 and beyond."

The company predicts fiscal year 2024 revenue at approximately $4 billion, only about two-thirds of analysts' estimates. It expects most of that to come in the second half of the year, primarily because of sales of its COVID-19 shot and new RSV vaccine.

Bancel added that Moderna expects to return to sales growth in 2025 and "through disciplined investment to break even in 2026."

Last month, 澳洲幸运5官方开奖结果体彩网:the company warned that it couldn't predict COVID-19 demand this year, just days after rival Pfizer (PFE) slashed its guidanc🧔e, with its reduced expectations "solely due to COVID🍨 products."

Following the release of its quarterly results, Moderna shares slumped to a three-year low.