The skid accelerated August 1, the day Moderna held its second-quarter earnings call with analysts, when shares dropped 21% from $119.22 to $94.17 as investors reacted to the company lowering its 2024 revenue guidance from approximately $4 billion to $3 billion–$3.5 billion—a decline Moderna blamed on forecasts of lower COVID vaccine sales in the European Union, rising competitive pressures on both its marketed vaccines, and deferrals of revenue.