Moderna’s fourth-quarter results on Friday showed a net loss of $1.12 billion, or $2.91 per share, sharply contrasting with a profit of $217 million in the same period the previous year.
While the biotech company exceeded revenue expectations with $966 million in sales, this was significantly lower than the $2.8 billion recorded during the previous year, driven largely by the decline in demand for its Covid-19 vaccine.
Moderna’s revenue for the quarter was bolstered by Covid shot sales, which brought in $923 million, but this marked a 66% decrease compared to the previous year.
Chief Financial Officer Jamey Mock noted that part of the drop was due to the earlier launch of a new Covid vaccine in 2024, which shifted sales into the third quarter. Moderna also saw a modest $15 million in U.S. sales of its newly approved RSV vaccine.
Despite these setbacks, Moderna remains optimistic about its future pipeline, focusing on expanding its messenger RNA-based products. The company is aiming to reduce costs by $1 billion by the end of 2025, following a 27% cost-cutting effort in 2024.
Moderna’s guidance for 2025 product sales remains at $1.5 billion to $2.5 billion, though the first half of the year is expected to be slow due to seasonal variations in demand.