Moderna, the biotech company behind one of the leading Covid-19 vaccines, has reported strong financial performance for the first quarter of 2024. The company’s cost-cutting measures and sales of its Covid vaccine have exceeded expectations, despite a decline in revenue compared to the prior-year period.
Moderna’s first-quarter revenue reached $167 million, with sales of its Covid shot dropping by approximately 90% from the same period last year. The company attributed this decline to the anticipated transition to a seasonal vaccine market, where shots are typically administered in the fall and winter. Around $100 million of the revenue came from the United States, while $67 million originated from international markets, primarily in Latin America.
Although Moderna’s net loss for the first quarter was $1.18 billion, or $3.07 per share, the company remains optimistic about its future prospects. It expects to launch a vaccine against respiratory syncytial virus (RSV) in the third quarter of this year, pending U.S. approval on May 12. Moderna also reiterated its full-year 2024 sales guidance of approximately $4 billion, including revenue from its RSV vaccine.
Looking ahead, Moderna aims to return to sales growth in 2025 and achieve breakeven by 2026 through the launch of new products. The company currently has 45 products in development, several of which are in late-stage trials. Notably, Moderna is working on a combination shot targeting both Covid and the flu, which could receive approval as early as 2025. Additionally, the company is collaborating with Merck to develop a personalized cancer vaccine and is working on shots for latent viruses.
In addition to its strong financial performance, Moderna is also investing in technological advancements to optimize its operations. The company has partnered with AI heavyweight OpenAI to automate its business processes, utilizing AI chatbots and other technologies. This investment in “digital commercial capabilities” and increased reliance on AI is expected to streamline operations and drive further cost reductions.
Investor sentiment towards Moderna remains positive, with the company’s stock up more than 10% this year. Confidence in its pipeline and messenger RNA platform, the technology used in its Covid vaccine, continues to grow. Moderna’s financial performance and ongoing innovation position the company well for future success in the biotech industry.
Overall, Moderna’s financial performance for the first quarter has exceeded expectations, driven by strong sales of its Covid vaccine and effective cost reduction measures. With the potential launch of new products and ongoing investments in AI and technology, Moderna is poised for continued growth and success in the coming years.
 and develop a combination shot targeting both Covid and the flu. Explore Moderna's collaborations with Merck and its investments in AI technology to streamline operations and drive cost reductions. With a positive investor sentiment and ongoing innovation, Moderna is well-positioned for future success in the biotech industry.){kind=link}