Moderna Inc. (NASDAQ: MRNA) reported a steep year-over-year drop in third-quarter revenue as post-pandemic vaccine demand continued to weaken, though the results still topped Wall Street expectations.

Quarterly revenue fell 45% to $1.02 billion, above the Bloomberg consensus estimate of $829.1 million, as COVID-19 vaccine sales exceeded forecasts even as they remained far below pandemic-era levels.

The biotech company reported a per-share loss of $0.51, narrower than expectations for a $2.21 loss, aided by a sharp reduction in operating expenses.

Like peers in the vaccine market, including Pfizer, Moderna has faced headwinds from falling infection rates and shifting vaccination guidance in the U.S. In September, the Centers for Disease Control and Prevention's advisory committee recommended that COVID-19 shots be administered only following shared decision-making with healthcare providers, which the company said weighed on domestic sales.

CFO James Mock noted that the timing of the CDC announcement contributed to the U.S. revenue decline. Moderna now expects full-year revenue between $1.6 billion and $2.0 billion, down from its previous forecast of $1.5 billion to $2.2 billion.