10:05 AM EDT, 05/02/2024 (MT Newswires) -- Moderna ( MRNA ) on Thursday reported a smaller-than-expected loss for the first quarter, while the drugmaker affirmed its full-year revenue outlook.

The company posted a loss of $3.07 a share for the March quarter, compared with earnings of $0.19 the year before. The consensus on Capital IQ was for a per-share loss of $3.57. The stock was up 6.5% in Thursday trade.

Overall revenue plunged to $167 million from $1.86 billion, but was ahead of the Street's view for $94.3 million. Product sales tanked 91% primarily driven by lower sales volume of the company's Spikevax COVID-19 vaccine outside the US, Chief Financial Officer James Mock said during a conference call, according to a Capital IQ transcript.

"This decline aligns with the anticipated transition of the COVID-19 vaccine market or it's a seasonal pattern, whereas in the first quarter of 2023, we primarily delivered doses that were deferred from 2022," according to Mock.

Cost of sales increased to 58% of product revenue from 43% in the prior-year quarter. Selling, general and administrative expenses fell 10% to $274 million, while research and development costs decreased 6% to $1.06 billion.

"As we anticipate the launches of our Spikevax 2024-2025 formula and (respiratory syncytial virus) vaccine, we are exercising financial discipline and have intensified our focus on building and utilizing (artificial intelligence) technologies to further streamline operations and enhance productivity," Chief Executive Stephane Bancel said in a statement. "We continue to expect numerous product milestones this year across our vaccines and therapeutics portfolio."

Moderna ( MRNA ) continues to project full-year 2024 revenue of roughly $4 billion from its respiratory franchise, with about $300 million in sales in the first half. Of the $300 million figure, $100 million is estimated to be generated in the ongoing three-month period, Mock told analysts.

The company said it expects initial regulatory approvals of its RSV vaccine in the first half and plans to launch it this fall in the US. It reiterated its guidance for research and development expenses and selling, general and administrative costs at about $4.5 billion and $1.3 billion, respectively, for the year.

Price: 115.60, Change: +4.14, Percent Change: +3.71