Moderna Inc. has significantly revised its 2024 revenue guidance, citing steeper competition in the U.S. vaccine market and low expected sales in Europe. The company now anticipates full-year revenue between $3 billion and $3.5 billion, down from its previous estimate of around $4 billion, a reduction of up to 25%. This revision comes amid a notable decrease in sales of its Spikevax COVID-19 vaccine, which generated $184 million in Q2 2024, a 37% year-over-year decline. Despite beating revenue estimates with $241 million for the quarter, a 30% YoY decrease, Moderna reported an adjusted EPS loss of $3.33, slightly worse than the estimated loss of $3.29. The company's stock fell 12% in pre-market trading following the announcement. Moderna expects low EU vaccine revenue to continue into 2026, and its shares dropped 16.1% pre-market.