Biotech
Thursday, May 2nd, 2024 4:12 pm EDT
Key Points
- Moderna reported a narrower-than-expected loss for the first quarter due to successful cost-cutting efforts and higher-than-anticipated sales of its Covid vaccine, its only commercially available product.
- The company is approaching the launch of a new vaccine against respiratory syncytial virus, with U.S. approval expected on May 12, aiming to counterbalance the declining demand for Covid shots worldwide.
- Despite a significant revenue decline from its Covid shot compared to the previous year, Moderna remains optimistic about its full-year 2024 sales guidance, emphasizing its transition to a seasonal Covid vaccine market and plans for future product launches.
Moderna reported a narrower-than-expected loss for the first quarter, largely attributed to its cost-cutting measures and higher-than-anticipated sales of its Covid vaccine. The biotech company’s revenue for the quarter reached $167 million, with its Covid shot sales dropping approximately 90% from the previous year. Despite this decline, Moderna is gearing up for the potential approval of its vaccine against respiratory syncytial virus in the U.S. on May 12, which is projected to launch in the third quarter. The company reiterated its full-year 2024 sales guidance of around $4 billion, including revenue from its RSV vaccine, with expectations of $300 million in sales during the first half of the year. Moderna aims to return to sales growth in 2025 and break even by 2026 with the launch of new products. The company’s efforts to streamline operations through AI technologies and its partnership with OpenAI signal a forward-looking approach, reinforcing investor confidence in its pipeline beyond Covid.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/02/moderna-mrna-earnings-q1-2024.html
