On Thursday, Moderna Inc ( MRNA ) stock plunged as the company lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines.

Moderna ( MRNA ) now projects 2024 net sales of between $3 billion and $3.5 billion from its respiratory franchise versus previous guidance of about $4 billion, citing low EU sales in 2024, potential revenue deferrals for certain international sales into 2025, and an increasingly competitive environment for respiratory vaccines in the U.S.

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Moderna ( MRNA ) reported second-quarter revenue of $241 million, compared with $344 million a year earlier, beating the consensus of $132.18 million.

Net loss was $1.28 billion, or $3.33 a share, versus a loss of $1.38 billion, or $3.62 a share, a year earlier, surpassing the consensus of $(3.36).

Sales for Spikevax, the company’s Covid-19 vaccine, fell 37% year-over-year to $184 million.

“During the second quarter, we marked the approval of our second mRNA product and significantly lowered our operating costs. We remain focused on execution for the 2024-25 COVID season and the launch of our RSV vaccine in the U.S.,” said Stéphane Bancel, CEO.

Guidance: For the second half of the year, Moderna ( MRNA ) expects a sales split of 40-50% in the third quarter, with the balance in the fourth quarter of 2024, subject to the timing of regulatory approvals.

Price Action: MRNA stock is down 17.10% at $98.84 at the last check on Thursday.

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