Moderna posted a narrower per-share loss and higher revenue in its latest quarter, but shares were tumbling anyway.

At first glance, top- and bottom-line metrics were better than expected. Second-quarter revenue ticked up 2% to $145 million, beating analysts' calls for $103 million. Moderna posted a loss of $1.97 a share, narrower than the loss of $2.01 Wall Street had anticipated, and slimmer than the per-share loss of $2.13 reported last year.

The drugmaker reiterated its full-year guidance of 10% revenue growth, evenly split between U.S. and international sales. Moderna expects 55% of its second-half revenue to be recognized in the third quarter of the year.

Shares sank 7.2% in premarket trading Friday. Futures tracking the benchmark S&P 500 were 0.5% higher.

While Moderna is trying to move past its identity as a Covid-era play by expanding into fields like oncology, its recent quarter hinged on surprisingly strong Covid-19 vaccine sales in the U.K. For now, its flagship Spikevax vaccine continues to heavily dictate its financial performance.

Lower Covid vaccine sales in the U.S. and South America were offset by deliveries in the United Kingdom under a long-term government partnership, the company said.