Nikos Pekiaridis | Light rocket | fake images
modern On Monday it said its Covid vaccine sales plummeted by about two-thirds in 2023 to $6.7 billion as fewer people rolled up their sleeves to get an updated version of the vaccine.
Revenue from the shots met Moderna’s forecast for the year, even as sales plunged from the more than $18 billion the company booked in 2022.
Moderna’s announcement, which came ahead of its presentation at the JPMorgan Healthcare Annual Conference, shows the sharp drop in demand for Covid products last year as cases and public concern about the virus declined from their pandemic peaks. . Weakening demand for the company’s vaccine, its only commercially available product, sent Moderna shares down nearly 45% last year.
About $6.1 billion of Moderna’s revenue related to the shot came from sales of the vaccine. Another $600 million was deferred revenue related to the company’s work with Gavi, a global vaccine nongovernmental organization that coordinated a global vaccine distribution program, Moderna said in a statement.
In its third-quarter earnings report in November, Moderna forecast at least $6 billion in full-year Covid vaccine sales, but did not provide a range for that guidance. In August, before the release of its latest version of the vaccine, the company said it expected the vaccine to generate between $6 billion and $8 billion in revenue.
The company noted that the vaccine gained 48% of the Covid vaccine market share in the US last year. That’s more than the 37% market it captured in 2022.
But the biotech company expects sales of the shot to fall even further in 2024. It reiterated its companywide strategy. full-year sales guidance of about $4 billion on Monday. Notably, that forecast includes revenue from its respiratory syncytial virus, or RSV, vaccine, which could win approval from the Food and Drug Administration in April.
Moderna said it expects to return to sales growth in 2025 with the launch of new products. The company currently has 45 products in development, nine of which are in the final stage of testing. They include Moderna’s combination vaccine targeting Covid and flu, which could gain approval as early as 2025.
The company said it expects to break even by 2026.
