Looking ahead to 2025, Moderna expects revenue of $1.5 to $2.5bn. Credit: Tada Images/Shutterstock.

Moderna has reported revenue of $1bn for the fourth quarter (Q4) of 2024 – a sharp decline from the $2.8bn recorded in the same quarter in 2023.

The drop was largely attributed to the earlier launch of the updated vaccine for Covid-19 in the US, which resulted in a shift in sales to the third quarter.

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For Q4 2024, Moderna’s net product sales were $938m – a 66% year-over-year decrease.

Research and development expenses for the period fell by 20% to $1.1bn, driven by lower expenses in various vaccine programmes, partially offset by more spending on norovirus and individualised neoantigen therapy (INT)..

For the full year 2024, total revenue stood at $3.2bn, a decrease from $6.8bn in 2023, mainly due to lower Covid-19 vaccine sales.

The company reported net product sales of $3.1bn for the year, a 53% decrease from 2023. During the third quarter (Q3), it also commenced sales of its RSV [respiratory syncytial virus] vaccine, generating revenue of $25m for the year.

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The full-year cost of sales was $1.5bn, or 47% of net product sales, a decrease from $4.7bn in 2023.

Net loss for 2024 was $3.6bn, compared to a $4.7bn loss reported in 2023.

Looking ahead to 2025, Moderna expects revenue of $1.5bn to $2.5bn, with the cost of sales expected to be around $1.2bn.

Moderna CEO Stéphane Bancel stated: “We have made progress in 2024 across our late-stage pipeline and cost reduction efforts. Our team successfully filed three biologics licence applications in the final months of the year and reduced our costs by 27% compared to 2023.

“In 2025, we remain focused on driving sales, delivering up to 10 product approvals through 2027, and expanding cost efficiencies across our business.

“By the end of 2025, we aim to remove nearly $1bn in costs. With strong momentum in our late-stage pipeline, we anticipate multiple approvals starting this year, along with key Phase III readouts that will support our long-term growth.”

In November 2024, Moderna secured approval from Health Canada for its respiratory syncytial virus messenger ribonucleic acid (mRNA) vaccine mRESVIA.