Moderna (MRNA) shares plunged after the COVID-19 vaccine maker slashed its outlook on lower demand in Europe and a tough ma✤rket in the U.♋S.

The company now expects full-year product revenue of $3 billion to $3.5 billion, down from its earlier estimate of $4 billion. Moderna cited “very low [European Union] sales in 2024, potential revenue deferrals for certain international sales into 2025, and an increasingly competitive environment for respiratory vaccines in the U.S.”

The news sent share🌳s of Moderna down more than 18%, pulling them into negative territory for the year so far.

The guidance came as M🧸oderna reported a second quarter loss of $3.33 per share, and revenue fell 30% to $241 million. Sales of i𝓀ts Spikevax COVID-19 shot slumped 39% to $184 million.

CEO Stephane Bancel said the company lowered operating costs, and remains “focused on execution for the 2024-25 COVID season and the launch of our RSV vaccine in the U.S."

Moderna received 澳洲幸运5开奖号码历史查询:Food and Drug Administration approval for its RSV, or respiratory syncytial virus, shot in May.