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Moderna 1Q Results Reflect Waning Covid Vax Demand

Product sales in the quarter were down of 69% to $1.8 billion reflecting a drop in COVID-19 vaccine sales.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Moderna
1Q Revenues: $1.9 billion (revenue was $6.1 billion 1Q22)
1Q Earnings: $79 million (earnings were $3.7 billion 1Q22)
Comments: Results reflect a decrease in sales of the Company’s COVID-19 vaccines. Product sales in the quarter were $1.8 billion, down of 69%. COVID-19 vaccine sales to Europe were $0.6 billion and sales to the rest of the world were $1.3 billion in the quarter. The total of $1.8 billion in sales represents the vast majority of the projected $2 billion in sales from 2022 deferrals expected in the first half of 2023. The Company expects 2023 minimum sales of approximately $5.0 billion from previously announced COVID-19 vaccine Advanced Purchase Agreements.

R&D expenses in the quarter increased 104% to $1.1 billion. Moderna’s respiratory pipeline includes Phase 3 trials against RSV, influenza, and a next-generation COVID-19 candidate. The pipeline includes four additional influenza vaccines with expanded antigens, vaccines against other respiratory pathogens (e.g., hMPV), and six combination vaccine programs.

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