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Moderna

inventory fell early Thursday, wiping out positive factors from constructive information round its most cancers vaccine candidate, as fourth-quarter earnings missed expectations.

The biotech firm (ticker: MRNA) reported earnings per share of $3.61 within the fourth quarter on income of $5.1 billion.

Analysts had been anticipating EPS of $4.94 on gross sales of $5.02 billion within the December quarter, in accordance with FactSet knowledge.

Moderna

stated the autumn in income, from $7.2 billion in the identical interval a yr in the past, was pushed by a lower in gross sales of its Covid-19 vaccines. Product gross sales fell 30% to $4.9 billion.

The corporate stated it nonetheless expects roughly $5 billion in Covid-19-related gross sales contracted for supply in 2023, and extra gross sales from key markets.

It additionally stated it is going to file for regulatory approval for its respiratory syncytial virus (RSV) vaccine within the first half of this yr, and plans to extend R&D investments to $4.5 billion in 2023.

The inventory climbed in after-hours buying and selling Wednesday after the corporate introduced its most cancers vaccine candidate, being developed with

Merck

(MRK), has been granted breakthrough remedy designation by the U.S. Meals and Drug Administration. The designation is granted to expedite the event and overview of medication, and comes after constructive knowledge from a Part 2b trial.

The shares had been 2% down forward of the open Thursday, after climbing greater than 2% in after-hours buying and selling Wednesday.

Write to Callum Keown at callum.keown@barrons.com