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Moderna 4Q Results

Drop in COVID-19 vaccine sales impacts results.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Moderna
4Q Revenues: $2.8 billion (-43%)
4Q Earnings: $217 million (earnings were $1.5 billion 4Q22)
FY Revenues: $6.8 billion (-183%)
FY Loss: $4.7 billion (earnings were $8.4 billion in 2022)
Comments: Results impacted by decline in COVID-19 vaccine sales. The company reported $2.8 billion in Spikevax (COVID-19 vaccine) sales in the quarter, which includes $0.8 billion of U.S. sales and $2 billion of international sales. For the year sales were $6.7 billion, down 64%. Moderna had 48% cumulative market share in the U.S. retail segment during the fall season, up from 37% in 2022. Moderna took specific actions in 2023 to transition to a seasonal endemic market including the resizing of its manufacturing footprint. Product sales in the quarter include the recognition of $0.6 billion from deferred revenue, related to Gavi, the Vaccine Alliance, and $0.6 billion for the year. R&D expenses for the fourth quarter increased by 16% to $1.4 billion and increased 47% to $4.8 billion for the year. The Company expects initial regulatory approvals of its RSV vaccine (mRNA-1345) starting in the first half of 2024.

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